Although the slowdown in housing activity across the country continued in November, there are no signs yet of widespread sales collapse.

Calm sales activity continues from the largest housing markets in the country this month, with most markets now - or near - buyer’s market territory.

However, Calgary remains a notable exception, with sales and prices up nearly 10% from last year's levels.

Robert Hogue from RBC pointed out, "There is no doubt that high interest rates, affordability issues, and increasing economic uncertainty are significantly deterring potential buyers."

Meanwhile, Paul Baron, Chair of the Toronto Regional Real Estate Board (TRREB), said that inflation costs and rising borrowing costs "have affected affordability."

However, relief appears to be on the horizon, with bond yields — which drive fixed mortgage rates — sharply down from their peaks and increasing expectations that the Bank of Canada will begin cutting rates in the first half of 2024.

Adding, "Lower rates will help alleviate affordability issues for current homeowners and those looking to enter the market."

Despite rising interest rates and concerns about a runaway increase, given billions of dollars of mortgage renewals over the coming years, new listings in most areas remain little changed compared to October.

Hogue said: "Overall, we haven’t yet seen anything relating to a rise in supply that might be linked to a mortgage renewal shock," adding that new listings actually declined this month in many markets, including Toronto and Vancouver.

This follows a 2.3% decline in new listings nationally in October, the first such decline in seven months. This led to an increase in inventory, which rose to 4.1 months in October from 3.7 in September.

He added: "We expect buyers to remain on a defensive level in many parts of Canada in the early part of next year," "and we see them taking advantage of the stronger bargaining position to push prices up until interest rate cuts bring more competition."