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Canada Home Resale: More Sellers, Fewer Buyers In August

ByThe National Bank of Canada
Published 09/10/2012, 01:48 AM
Updated 05/14/2017, 06:45 AM
IMOB
2.04%

There are fewer apartment sales but more sellers in the Toronto resale market. According to August data from the Toronto Real Estate Board (TREB), apartment sales were 24% lower than a year ago, but active listings jumped 21%. Based on TREB data, we have computed an advanced listings-to-sales ratio for Q3.

After two months in Q3, the number of apartment listings represents 4 months of sales, amongst the largest figures outside a recession over the last 14 years. In the Greater Vancouver, the whole resale market is now a buyers’ market, with listings amounting to more than ten times the number of sales in August, the largest ratio since the recession.

In August, sales declined 31% y/y, while listings were up 14%. Active listings in Vancouver are not broken down by dwelling types, but data from the Real Estate Board of Greater Vancouver (REBGV) show that sales declined in every category. Apartment sales declined 24% y/y. This should induce promoters in these two metropolitan areas to become more prudent before launching new projects.
More sellers, fewer buyers in August

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