Metro Resale Snapshot: March 2016
More of the Same—Strength in Lower B.C. Mainland and Southern Ontario, Mixed Elsewhere
The regional variation remains stark. Although sales rose in only 12 of our 28 markets between January and February, volumes soared in Southern B.C., and Southern Ontario markets saw decent jumps. Alberta, Saskatchewan, and the Maritimes continue to struggle.
Listings rose in 15 markets between January and February. Double-digit jumps occurred in the Fraser Valley, Victoria, and Hamilton.
Despite the weak sales performance, the sales-to-listings ratio rose between January and February in 16 areas. Market stances are, unsurprisingly, diverse. Sellers’ conditions prevail in eight markets, while another eight are buyers’ markets. Only 12 are “balanced.”
Strong year-over-year price growth persists in Vancouver and the Fraser Valley and is spilling out of the GTA. Quebec markets are generally decent but unspectacular. Pricing is much weaker on the Prairies and in the Maritimes.
1 For real estate board area (except Newfoundland, which is province-wide).
2 Italics indicate per cent change. The second row shows the percentage change from the previous month; the third row from the year earlier.
3 Within one standard deviation of long-term average sales-to-new-listings ratio.
4 Includes Abbotsford.
Notes: All data are seasonally adjusted.
Sources: The Conference Board of Canada; Canadian Real Estate Association; Quebec Federation of Real Estate Boards.
About the Metro Resale Snapshot
The monthly Metro Resale Snapshot provides an overview of the existing home market for 28 areas and expectations for existing home price growth over the short term.