Metro Resale Snapshot: October 2015
Sales Level Off
Sales are plateauing in many markets, and 17 of our 28 areas reported a monthly decrease. These include Vancouver and Toronto; however, in their cases it was shortages of homes for sale that were partly responsible for the drop. In Calgary, volumes continue to retreat. (Data for Kitchener were unavailable in September.)
Listings were down between August and September in 17 markets for which data was available—including 9 where the drop was at least 5 per cent. Listings were below year-earlier levels in 18 markets.
Despite falling sales, the sales-to-listings ratio rose between August and September in 14 areas. Balanced conditions prevailed in 18 markets. Victoria, the Fraser Valley, St. Catharines, and Windsor enjoyed sellers’ conditions last month.
Price growth remains healthy around Toronto and in Southern British Columbia. Annual gains above 8 per cent were posted in Toronto, Oshawa, Hamilton, and the Fraser Valley. Sherbrooke’s big gain is inconsistent with a buyers’ market and likely reflects a changing sales mix.
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.
Disclaimer: Forecasts and research often involve numerous assumptions and data sources and are subject to inherent risks and uncertainties.