Canada’s existing housing markets continued to moderate last month, with national sales falling below their August 2020 levels. Potential homebuyers seem to be approaching purchase decisions more cautiously, although a relatively low supply of listings also limited sales. The dip in sales nonetheless left national August volumes at their second-highest level on record for that month.
Sales fell in 20 of our 30 areas in August, with losses above 5 per cent in 11 places. This follows similar declines in 23 markets during July. Sales were below year-earlier levels in 26 markets-the largest number of areas to report such a decline since the pandemic’s height. Listings drops were less widespread. They declined in 13 of our 30 markets during August, and were down at least 5 per cent in only six areas. Still, listings were below year-earlier levels in 25 markets.
Markets are still evening out, as shown by an easing sales-to-listing ratio in 18 jurisdictions. While many markets remain tight, there is evidence of loosening. Last month, 17 of our 30 areas were in sellers’ territory, down from 19 in July. And, although prices were up at least 20 per cent year-over-year in nine areas, this was down from 12 markets in July.
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