Metropolitan Resale Snapshot: July 2022
The Conference Board of Canada
July 29, 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 almost 6 per cent in June, the fourth consecutive monthly decline, leaving them down 24 per cent from June 2021. The dip left volumes 7 per cent below the 10-year average of seasonally adjusted monthly sales. Meanwhile, a second consecutive monthly increase in listings further slackened the national market and helped cut Canada’s average resale price by 4.3 per cent, the fourth straight monthly decline. Rapid interest rate hikes and unsettled consumers are behind the market slowdown, which remains mild.
- Sales declines were widespread among local markets, while listings were typically higher. Sales dropped in 23 of our 30 markets in June, including 14 areas where the monthly decline exceeded 5 per cent. Volumes trailed year-earlier levels in 25 areas. Listings increased from May in 24 jurisdictions and were above year-earlier volumes also in 24 areas. Most markets cooled last month as the sales-to-listing ratio dipped in 26 areas. We now identify 20 markets as “balanced,” with three Atlantic Canada markets in a sellers’ state. Buyers’ conditions prevail in seven areas. Price growth is clearly slowing; only two areas—Trois-Rivières and Moncton—saw year-over-year price growth of at least 20 per cent in June, far fewer than earlier this year.
- Sales fell in June in the largest markets—Vancouver, Calgary, Toronto, and Montréal. Only Vancouver’s drop exceeded 10 per cent. Declines in Calgary and Toronto were both about 5 per cent, and Montréal’s dip was near 3 per cent. Sales are diverse by historical standards; Calgary’s sales remain well above their 10-year average, and Montréal’s are also high by this standard—but transactions in Toronto and Vancouver are significantly below it.