Sales plateauing in most markets

As inventory levels drop in most markets, sales levels are beginning to level off, according to the latest data from the Conference Board of Canada, with the outliers remaining the red-hot markets of Toronto and Vancouver.

In its monthly Metro Resale Snapshot, the board reported only15 of the 28 areas reporting a monthly increase. Markets around Ontario’s Golden Horseshoe cooled in August, but B.C. markets continued to surge. Volumes in resource-dependent Saskatchewan and Alberta are weak.

The board said Calgary, Regina, Saskatoon, Saguenay and Saint John could expect falling MLS prices based on a year-over-year basis. Edmonton, however, could expect price gains in the range of zero to 2.9 per cent.

Listings were slightly firmer, rising in 18 markets in both month-over-month and year-over-year terms. Most increases remained small; only four areas had a monthly gain of at least 5 per cent—led by Thunder Bay’s 10 per cent jump.

The sales-to-listings ratio rose between July and August in 14 areas, led by a big jump in Trois-Rivières (although it remains in a buyers’ position). Regina, Saskatoon, Gatineau, Québec City, Sherbrooke, Saguenay, and Halifax also faced buyers’ conditions last month.

Outsized price growth continues in Ontario’s GTA and Southern British Columbia. Annual gains near or above 10 per cent were posted in Toronto, Oshawa, Hamilton, Vancouver, and the Fraser Valley in August.

One Saskatoon realtor thinks it may not be the best time for sellers due to the lack of inventory in that market.

“Keep an eye on things, we’re living in really interesting times now as far as the local real estate market goes. So if you can be patient, go for it and just see how things play out,” Josh Buchanan told CBC Radio’s Saskatoon Morning.

He added that there is more risk attached to certain types of property.

“For condos, just about every category of condos, they’re in more of a territory where we should start to see a price correction, as well as the more luxury homes.”

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Investment Hot Spots:
Amberley, North Bedeque, Huron Shores, Cochin, Wilsonville

COMMENTS

  • by David 2015-10-26 4:45:24 PM

    Is this a misprint or was the quote taken out of context: "One Saskatoon realtor thinks it may not be the best time for sellers due to the lack of inventory in that market."? I think it is a good time for sellers when there is a lack of inventory in the market, but a bad time if there are a lack of buyers.

  • by Josh 2015-11-21 12:25:47 AM

    Yes it was written incorrectly. It's supposed to say difficult time to sell because of excessive inventory.

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Poll

Is a T.O foreign sales tax a good idea?