Home Sales Plateauing in Many Canadian Cities, says Conference Board

Home sales are plateauing in many markets, and 17 of the 28 cities covered in The Conference Board of Canada’s Metro Resale Snapshot reported a monthly decrease in September. These include Vancouver and Toronto; however, in their cases it was shortages of homes for sale that were partly responsible for the drop. In Calgary, volumes continue to retreat.

Listings were down between August and September in 17 markets for which data was available—including 9 where the drop was at least 5 per cent, including Victoria, Fraser Valley, Hamilton, St. Catharines, Windsor, Kingston, Sherbrooke, Saint John and Newfoundland. Listings were below year-earlier levels in 18 markets.

Despite falling sales, the sales-to-listings ratio rose between August and September in 14 areas. Balanced conditions prevailed in 18 markets. Victoria, the Fraser Valley, St. Catharines, and Windsor enjoyed sellers’ conditions last month.

Price growth remains healthy around Toronto and in Southern British Columbia. Annual gains above 8 per cent were posted in Toronto, Oshawa, Hamilton, and the Fraser Valley. Sherbrooke’s big gain is inconsistent with a buyers’ market and likely reflects a changing sales mix.