Residence gross sales down, however new listings are surging throughout Canada







Greater borrowing prices are persevering with to weigh on housing demand in lots of the nation’s largest cities. However the newest knowledge additionally exhibits a surge in new listings in January.

On an annualized foundation, residence gross sales in January stay down 45% and 55% in Toronto and Vancouver, respectively, the native actual property boards reported. Common costs in each markets are additionally down by 16.4% in Toronto and 6.6% in Vancouver in comparison with January 2022, however have been down simply marginally in comparison with December.

Most markets additionally noticed a rise in new listings in comparison with December, however stay decrease in comparison with year-ago ranges. Each Toronto and Vancouver noticed new listings soar by 89% and 173%, respectively, in comparison with December, the native actual property boards reported.

In Ottawa, new listings are up 16% in comparison with final 12 months and 89% from the earlier month.

“The rise in new listings and provide is a boon for residence patrons, who now have extra choice and the flexibility to place in situations at a much less frantic tempo,” stated Ken Dekker, President of the Ottawa Actual Property Board.

“After being exacerbated by a extreme lack of provide over the previous two years, this appears to be coming to an finish,” Daren King, an economist with Nationwide Financial institution of Canada, wrote in regards to the GTA figures.

Mixed with the low stage of gross sales, King famous that the rise in new listings allowed for a rise in inventories, with energetic listings up 4.4% within the month, its third consecutive improve.

“This reversal has affected market situations in order that they’re now properly established into ‘beneficial to patrons’ territory,” he added.

Right here’s a take a look at the January statistics from a few of the nation’s largest regional actual property boards:



Higher Toronto Space

Gross sales: 3,100

  • -44.6% year-over-year (YoY)
  • -0.54% month-over-month (MoM)

Common worth: $1,038,668

New listings: 7,688

Lively listings: 8,692

“Residence gross sales and promoting costs seem to have discovered some help in latest months. This coupled with the Financial institution of Canada announcement that rate of interest hikes are possible on maintain for the foreseeable future will immediate some patrons to maneuver off the sidelines within the coming months,” stated TRREB President Paul Baron. “Document inhabitants development and tight labour market situations will proceed to help housing demand shifting ahead.”

Supply: Toronto Regional Actual Property Board (TRREB)

Higher Vancouver Space

Gross sales: 1,022

MLS Residence Value Index benchmark worth: $1,111,400

New listings: 3,297

Lively listings: 7,478

“On account of seasonality, market exercise is quieter in January. With mortgage charges having risen so quickly during the last 12 months, we anticipated gross sales this month can be among the many lowest in latest historical past,” stated Andrew Lis, REBGV director of economics and knowledge analytics. “Trying ahead, nevertheless, the Financial institution of Canada has stated that it’s going to pause additional charge will increase so long as the incoming financial knowledge continues to help this coverage stance. This could present extra certainty for residence patrons and sellers available in the market.”

Supply: Actual Property Board of Higher Vancouver (REBGV)


Gross sales: 1,204

Benchmark Value (all housing sorts): $520,900

New listings: 1,852

Lively listings: 2,451

“Greater lending charges are inflicting many patrons to hunt out lower-priced merchandise in our market,” stated CREB Chief Economist Ann-Marie Lurie. “Nonetheless, the upper charges are possible additionally stopping some move-up exercise available in the market impacting provide development for lower-priced properties. That is inflicting differing situations within the housing market based mostly on worth vary.”

Supply: Calgary Actual Property Board (CREB)


Gross sales: 601

Common Value (residential property): $676,272

Common Value (condominium): $412,244

New Listings: 1,324

“January’s marked decelerate in unit gross sales over 2022 signifies potential homebuyers are taking their time,” stated OREB President Ken Dekker. “Whereas final month noticed the fruits of the succession of rate of interest hikes introduced by the Financial institution of Canada, affordability stays an element. They could be ready for a shift in itemizing costs. They’re being cautious in unsure situations.”

Supply: Ottawa Actual Property Board (OREB)


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