The demand for Canadian housing dropped by 0.6% in May, but some markets defied the downward trend.

The national sales-to-new-listings ratio (SNLR) fell to 55.5% in May from 56.1% in the same month last year, according to the Canadian Real Estate Association (CREA).

British Columbia’s housing markets made the biggest year-over-year (YOY) losses in May. Fraser Valley had the largest drop with an SNLR of 44.9%, down by 20% from last year. Vancouver came in second with an SNLR of 39.1%, down by 18.6%. Victoria followed with an SNLR of 57%, down by 11.7%.

Calgary made the smallest YOY decline, with an SNLR of 48.9% in May, down by only 0.2%.

Meanwhile, eastern housing markets made the biggest YOY gains in May. Gatineau reached an SNLR of 64.1%, up by 11.4% from last year. Halifax came in second with an SNLR of 69.8%, up by 8.5%. Ottawa followed with an SNLR of 73.8%, up by 6.6%.

Four other markets saw their SNLR rise in May from the same month last year. Montreal had an SNLR of 72.7% (up by 6.5%), Toronto had an SNLR of 51.7% (up by 4.5%), Hamilton had an SNLR of 63.5% (up by 2.6%), and Quebec had an SNLR of 53.9% (up by 2.3%).

The fact that home sales are slowing compared to inventory helps slow down price growth and even lower prices in a few markets, Better Dwelling said.


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