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
Canada’s existing housing markets saw further easing in May. Both sales and listings pulled back in most areas and price growth decelerated. Falling sales may reflect some buyers’ decision to wait for calmer markets, although falling listings also constrain the supply of available homes. Low interest rates remain a key underpinning.
Sales fell in 28 of our 30 areas during May, including 21 places where losses exceeded 5 per cent. Transactions nonetheless remained above their year-earlier levels in all 30 markets, partly due to last year’s COVID-19 restrictions on viewing resale homes. Listings also saw widespread declines; they were off in 23 of 30 markets in May and at least 5 per cent lower in 20 areas. Listings nonetheless exceeded year-earlier levels in 29 of 30 markets.
May’s ongoing rebalancing was shown by an easing sales-to-listings ratio in 16 jurisdictions and decelerating price growth, also in 16 areas. Most markets continued to be very tight: 23 of our 30 were in sellers’ territory, and prices were up at least 20 per cent year-over-year in 20 areas.
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