Metropolitan Resale Snapshot: April 2022
The Conference Board of Canada
April 27, 2022
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.
- National sales of existing homes fell just over 5 per cent in March, the largest drop in nine months, but were still the second-highest volume on record for the month, behind only March 2021. The national market remained tight, as listings fell at a similar pace. But Canada’s average resale price fell 1.5 per cent in March, the first monthly decline since July 2021. Rising interest rates and recent rapid increases in house prices are tempering homebuyer interest. This points to fewer bidding wars and a more balanced market ahead.
- Declines in both listings and sales were widespread. Sales fell in 19 of our 30 markets during March, including 13 where the monthly decline exceeded 5 per cent. Sales were below year-earlier levels in 26 areas. Listings were down from February in 17 markets and trailed year-earlier volumes in 25. Many markets slackened modestly in March as the sales-to-listing ratio fell in 17 areas. Still, the number of markets in sellers' territory rose to 24, up from 23 in February. Rapid price hikes are still common, although only 14 markets saw year-over-year price growth of at least 20 per cent. That was down from 16 in February.
- Sales fell in Montréal, Toronto, Calgary, and Vancouver during March. Calgary and Toronto saw double-digit declines; the declines in Vancouver and Montréal were both below 3 per cent. Despite the decline, Calgary sales remain high—nearly twice their 10-year average—but volumes in the other three markets significantly trail year-earlier levels.