Canada’s existing housing markets strengthened last month but remained below the record for September set last year. Still, last month’s volume was the second-busiest September on record. While resale conditions appear to have stabilized, demand remains high and supply low.
Sales rose from August in 19 of our 30 markets. But 26 markets remained below year-earlier levels—the same as August—and the most to report a year-over-year decline since COVID-19’s intrusion in the spring of 2020. Listings continued to ease, declining in 22 markets during September, including 10 where the drop was at least 5 per cent. This supply was below year-earlier levels in 23 markets.
Many markets are thus tightening—the sales-to-listing ratio rose in 20 jurisdictions during September. The number of markets in sellers’ territory rose from 17 in August to 21 last month. And the number of markets experiencing year-over-year price growth of at least 20 per cent rose from nine in August to 13 in September.
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