Housing demand across Canada saw a slight decrease in June, with more markets improving on a year-over-year (YOY) basis.
The national sales-to-new-listings ratio (SNLR) declined to 55.7% last month from 55.9% in June 2018, a 0.2% decline, according to the Canadian Real Estate Association (CREA).
Eastern Canadian housing markets were the fastest growing. Gatineau made the biggest increase with an SNLR of 65.5%, up by 11.5% from last year. Halifax came in second with an SNLR of 70.3%, up by 8.7%. Ottawa followed at 74.4%, up by 7.3%.
Other markets that saw a YOY increase are Montreal (up by 6.6% to 73.2%), Toronto (up by 3.9% to 52.2%), Quebec (up by 3.1% to 54.6%), Hamilton (up by 2.7% to 64.2%), Calgary (up by 1.1% to 49.6%), and Edmonton (up by 0.5% to 46.4%).
Meanwhile, the fastest-cooling housing markets were in British Columbia. Fraser Valley made the largest decline with an SNLR of 44.9%, down by 17.4% from last year. Vancouver came in second with an SNLR of 38.9%, down by 16.7%. Victoria followed with an SNLR of 57.7%, down by 8.8%.
Other markets that saw a YOY decrease are Niagara (down by 3.6% to 57.9%), Winnipeg (down by 3% to 55.8%), Windsor-Essex (down by 2.8% to 72.7%), London (down by 2.4% to 73.5%), and Kitchener-Waterloo (down by 1.1% to 67.5%).
“British Columbia had outperformed the national market in recent years. Now it’s underperforming, as inventory starts to find a healthier balance,” Better Dwelling said. “Eastern Canadian real estate markets have underperformed in price growth. Now they appear to be playing catch-up.”