Metropolitan Resale Snapshot: January 2022

The Conference Board of Canada, January 28, 2022
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The monthly Metropolitan resale snapshot provides an overview of the existing home market and expectations for existing home price growth over the short term for 30 areas.

Document Highlights

  • Existing housing sales inched up 0.2 per cent nationally in December, the second straight fractional monthly advance. December’s volume again trailed only 2020 volumes for that month. Sales might have been even higher, had the supply of listings not declined 3.2 per cent. December’s activity lifted full-year 2021 sales to a record 666,995 units—20 per cent above the previous record set in 2020.
  • Sales rose between November and December in only 15 of our 30 markets, and were below year-earlier levels in 19 areas. Listings, by contrast, fell in 18 markets during December, including 12 where the decline was at least
    5 per cent.
  • Last month’s listings were down from a year earlier in 24 markets. Many markets became even tighter as the sales-to-listings ratio rose in 21 jurisdictions. Still, the number of markets in sellers’ territory fell to 22 from 24 in November. Electric price growth continues—the number of markets featuring year-over-year price growth of at least 20 per cent remained at 17 in December, unchanged from November.
  • December sales fell in Vancouver, Toronto, and Montréal, but rose in Calgary. Losses were near or below 2 per cent in the three down markets; Calgary’s increase was 8 per cent. The latter city’s gain put sales at record highs, but volumes in the other three markets are well off earlier-year levels.

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