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
July’s 5 per cent dip in national existing home sales was the fifth straight monthly drop. It put transactions 27 per cent below July 2021 and 13 per cent below the 10-year average of seasonally adjusted monthly sales. Meanwhile, perhaps unnerved by recent market softness, potential home sellers refrained from marketing their homes, cutting monthly listings by 5 per cent. This supply reduction eased the monthly rate of decline in Canada’s average resale price to 3.3 per cent from over 4 per cent in each of the two previous months, although this was the fifth consecutive monthly downtick. Rapid interest rate increases and economic uncertainty remain responsible for these declines.
Sales and listings drops were widespread. Transactions dropped in 25 of our 30 markets in July, including 17 areas where the monthly decline exceeded 5 per cent. Volumes were below year-earlier levels in 26 areas. Listings dropped in July in 26 jurisdictions but remained above year-earlier volumes in 24 areas. Many markets continued to cool last month as the sales-to-listing ratio dipped in 19 areas. For the second straight month we identify 20 markets as “balanced.” Falling listings have contributed to sellers’ markets in three Atlantic cities and in Saguenay. Buyers’ conditions prevail in six areas. Prices are clearly softening; only Trois-Rivières and Sherbrooke saw at least 20 per cent year-over-year price growth in July, far fewer cities than earlier this year.
Sales and listings drops were widespread. Transactions dropped in 25 of our 30 markets in July, including 17 areas where the monthly decline exceeded 5 per cent. Volumes were below year-earlier levels in 26 areas. Listings dropped in July in 26 jurisdictions but remained above year-earlier volumes in 24 areas. Many markets continued to cool last month as the sales-to-listing ratio dipped in 19 areas. For the second straight month we identify 20 markets as “balanced.” Falling listings have contributed to sellers’ markets in three Atlantic cities and in Saguenay. Buyers’ conditions prevail in six areas. Prices are clearly softening; only Trois-Rivières and Sherbrooke saw at least 20 per cent year-over-year price growth in July, far fewer cities than earlier this year.
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