Metro Resale Snapshot: July 2012
Resale Markets Cooled Again in June
Resale transactions continued to slide in June. Sales were down from May in 16 of the 28 markets we track. Most of the easing was moderate, with volumes falling 5 per cent or more in only seven areas. Still, sales trailed their year-earlier level in eight areas, including five where the drop was at least 5 per cent.
New listings declined between May and June in 12 markets and were lower on a year-over-year basis in 13 areas. Many Ontario cities saw listings drop, led by a 29 cent plunge in St. Catharines. Hamilton and Sudbury also saw big decreases.
The sales-to-listings ratio dropped in 24 markets between May and June. Balanced conditions prevailed in 21 areas. Seller's conditions now rule in Sudbury, along with Newfoundland and Labrador and Thunder Bay (which were sellers' markets last month as well). Gatineau and Vancouver joined May holdovers Victoria and Saint John in a buyers' state.
Average prices fell in 18 of our 28 markets between May and June, but some markets—such as Kingston and Thunder Bay—had large hikes. Values are still above June 2011 levels in 20 jurisdictions, led by an 18.5 per cent rise in Thunder Bay.
Sources: The Conference Board of Canada; Canadian Real Estate Association; Quebec Federation of Real Estate Boards.
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.
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.