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
Housing resale volumes rose 1.0 per cent nationally in January, following a small decline in December. January’s level was the second highest on record for that month, behind only the 2021 figure. Sales were likely limited by an 11 per cent decline in the supply of listings. Apart from a decline in volumes in 2020 when the COVID pandemic first hit, listings have not been lower since July 2005.
Despite the advance at the national level, sales were down between December and January in 17 of our 30 markets and were below year-earlier levels in 21 areas. Listings, meanwhile, were off in 24 markets during January, including 20 that saw declines of at least 5 per cent. Listings were below year-earlier levels in 20 markets. Most markets became even tighter in January, as the sales-to-listing ratio rose in 24 areas. And 28 markets were in sellers’ territory, up from 22 in December. Red hot price growth persists—17 markets saw year-over-year price growth of at least 20 per cent, matching December’s total.
January sales rose in Vancouver and Calgary but fell in Toronto and Montréal. Vancouver’s increase was near 8 per cent, while Calgary’s was 15 per cent. Montréal’s drop was just over 9 per cent; Toronto’s was minimal. Calgary’s increase lifted sales to their second consecutive record high, but volumes in the other three markets remain below their year-earlier levels.
There are no reviews yet.