Printer icon Print Page

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.

Short-Term Year-Over-Year Price Growth Expectations

+7% Regina, Saskatoon, Gatineau, Montréal, Québec, Sherbrooke, Trois-Rivières, Saguenay
5–6.9% Calgary, Edmonton, Winnipeg, Sudbury, Newfoundland
3–4.9% Thunder Bay, Toronto, Hamilton, St. Catharines, Kitchener, Kingston, Ottawa, Saint John, Halifax
0–2.9% Oshawa, London, Windsor
Falling Victoria, Vancouver, Fraser Valley

Resale Indicators for June 2012

Sales-to-New-Listings Ratio
Market1 Market
Classification
Sales (#)2 Listings (#) Level Balanced Market
Range3
Price ($)
Victoria
m/m %
y/y %
Buyers 5,652
–1.1
17.2
13,800
8.6
9.6
0.422 0.477–0.760 491,212
1.1
–4.7
Vancouver


Balanced 26,400
–5.5
–16.8
61,776
1.6
9.0
0.435 0.432–0.720 707,501
–3.8
–11.8
Fraser Valley4


Balanced 13,812
2.7
–3.8
27,984
–6.2
6.5
0.487 0.428–0.698 471,557
–2.4
–8.4
Calgary


Balanced 27,564
–1.0
27.5
44,316
–1.3
1.3
0.615 0.458–0.742 414,149
1.5
2.6
Edmonton


Balanced 17,904
–4.2
2.8
32,856
5.1
3.6
0.542 0.454–0.759 333,962
–1.0
4.1
Regina


Balanced 3,876
–14.1
8.0
6,204
2.4
–3.7
0.662 0.547–0.778 280,932
–8.4
2.4
Saskatoon


Balanced 5,436
–1.3
39.0
9,360
–4.2
53.5
0.593 0.483–0.729 310,939
–1.8
0.8
Winnipeg


Balanced 12,264
–4.5
7.9
16,200
–4.3
1.5
0.756 0.421–0.811 256,876
4.4
9.7
Thunder Bay


Sellers 1,992
–2.9
0.6
2,580
–9.3
–14.3
0.791 0.474–0.701 176,373
–2.5
11.8
Sudbury


Balanced 2,304
–12.3
–4.0
4,224
–8.3
–3.6
0.552 0.317–0.617 237,806
–3.1
10.4
Toronto


Balanced 92,808
–7.3
2.4
159,144
2.2
11.9
0.595 0.452–0.685 497,391
–1.2
5.8
Oshawa


Balanced 10,750
–4.2
14.3
15,893
3.6
1.0
0.674 0.458–0.721 333,430
1.1
7.4
Hamilton


Balanced 13,248
–2.7
–1.0
18,060
–1.4
–16.3
0.725 0.380–0.759 355,086
–1.6
6.1
St. Catharines


Balanced 2,556
–14.8
–4.9
4,392
–12.6
–21.5
0.579 0.358–0.642 283,340
19.4
17.3
Kitchener


Balanced 6,096
–7.6
–6.3
11,616
6.1
9.5
0.527 0.445–0.704 318,597
2.4
–1.1
London


Balanced 8,184
–8.6
5.2
15,540
–2.6
–8.3
0.519 0.390–0.612 247,175
–0.7
–0.4
Windsor


Balanced 5,004
7.2
5.6
9,456
–0.4
–8.2
0.533 0.422–0.590 170,637
–3.8
1.5
Kingston


Balanced 3,600
6.0
20.0
6,420
–9.0
3.5
0.548 0.346–0.652 257,703
–3.3
–3.2
Ottawa


Balanced 15,420
7.3
13.9
29,556
8.0
20.0
0.522 0.398–0.686 353,981
–0.9
3.1
Gatineau


Balanced 4,404
11.9
25.7
7,428
–1.6
7.7
0.577 0.508–0.726 239,659
1.5
6.2
Montréal


Balanced 42,960
–1.9
11.0
78,036
2.1
2.7
0.553 0.493–0.900 316,167
0.7
3.7
Québec City


Balanced 7,980
2.6
9.2
12,672
–0.2
5.5
0.625 0.580–0.777 282,195
14.3
0.5
Sherbrooke


Balanced 1,704
3.6
–3.4
3,504
11.0
–4.3
0.512 0.487–0.725 213,592
–0.5
–0.6
Trois-Rivières


Balanced 1,260
23.5
32.9
1,680
–6.7
0.7
0.720 0.498–0.762 163,219
–3.2
3.8
Saguenay


Balanced 1,632
7.1
23.6
2,436
–2.9
12.2
0.664 0.507–0.730 193,206
–4.1
5.3
Saint John


Buyers 1,416
–23.4
–13.9
4,440
4.8
8.2
0.315 0.375–0.591 170,107
2.0
–3.6
Halifax


Balanced 6,612
2.6
20.0
10,560
–0.6
0.8
0.631 0.462–0.696 274,928
–1.5
9.4
Newfoundland
(province)

Sellers 6,420
39.7
53.7
9,264
–3.9
–1.8
0.684 0.354–0.578 262,825
–6.5
6.5

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. This information is not intended as specific investment, accounting, legal, or tax advice.
Robin Wiebe Robin Wiebe
Senior Economist

Next Release

April 2019

Metro Housing Data

Magnifying glass over data columnsYou can purchase Metro Housing data directly from the e-Data site; or if you need this data on a regular basis, you can purchase a database subscription.

Upcoming Webinars

Webinars

Apr 29Canada’s Food Industry 2018-19: A Plate That’s Full
Apr 29 at 2:00 PM

Apr 30The 2019 Metropolitan Outlook: Searching for Standouts in a Modest-Growth Economy
Apr 30 at 2:00 PM

Economics Blog

by