Metro Resale Snapshot: October 2013
Mixed Results for September Sales
Existing home sales in September were above August's level in 16 of the 28 major markets covered by this report. The year-over-year sales growth picture continues to be flattered by comparisons with weak 2012 activity, which followed a tightening of mortgage rules. Many markets, therefore, showed large year-over-year transaction increases.
Listings fell between August and September in 17 markets, including 5 where the monthly dip was more than 5 per cent. Still, listings were higher than a year earlier in 16 areas. A 31 per cent listings jump in Saguenay led the year-over-year increases.
The sales-to-listings ratio rose between August and September in 18 markets. A rising ratio suggests future strengthening in price growth.
Balanced conditions prevailed in 19 markets during September, down from 21 in August. Calgary, Thunder Bay, and Windsor reported sellers' conditions. Regina and Saskatoon remain in buyers' states despite their strong economies. Trois-Rivières joined Québec, Gatineau, and Saguenay in the buyers' category.
Existing home price growth was uneven. The average sale price rose in 14 markets between August and September, while rising faster (or declining less) in 16 areas. All but three markets reported a price increase on a year-over-year basis last month, including 14 where the gain was 4 per cent or more.
Prices are expected to continue rising in almost all markets, but Calgary is expected to see the largest increase.
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.