Metro Resale Snapshot: January 2015
Widespread Cooling in December
December was a tough month for most markets. Sales fell from November in 24 of the 28 markets listed here and dropped at least 5 per cent in 13. Calgary and Edmonton were hammered—sales fell roughly a quarter on a month-to-month basis.
New listings continue to be soft, with 16 jurisdictions recording a decrease between November and December. Still, December listings did exceed their year-earlier levels in 18 markets.
Falling sales and limited listings changes cut the sales-to-listings ratio in 16 areas between November and December. Balanced markets prevailed in 21 areas and 6 faced buyers' conditions. A listings drop pushed St. Catharines unexpectedly into sellers' conditions.
While prices did increase in 14 markets between November and December, the pace of monthly price change deteriorated in 19 markets. As well, prices remained above their year-earlier levels in 20 jurisdictions, with 11 of these seeing an advance of 4 per cent or more.
1 For real estate board area (except Newfoundland, which is province-wide).
2 Italics indicate per cent change. The second row shows the percentage change from the previous month; the third row from the year earlier.
3 Within one standard deviation of long-term average sales-to-new-listings ratio.
4 Includes Abbotsford.
Notes: All data are seasonally adjusted.
Sources: The Conference Board of Canada; Canadian Real Estate Association; Quebec Federation of Real Estate Boards.
About the Metro Resale Snapshot
The monthly Metro Resale Snapshot provides an overview of the existing home market for 28 areas and expectations for existing home price growth over the short term.