The demand for housing nationwide saw a slight improvement in July on a year-over-year (YOY) basis, with eastern markets leading the increase.
The national sales-to-new-listings ratio (SNLR) rose by 0.3% to 56.2% last month from July 2018, according to the Canadian Real Estate Association.
Over half of the country’s major housing markets saw SNLR improvements. Gatineau made the biggest increase, up by 10.6% to 65.8%. Halifax followed, up by 8.7% to 71.5%. Ottawa came in third, up by 7.3% to 74.9%.
Other markets that saw YOY growth in SNLR were Montreal (up by 7.2% to 74%), Quebec City (up by 4.1% to 55.6%), Toronto (up by 4.1% to 53.1%), Hamilton (up by 3.3% to 64.8%), Calgary (up by 2.1% to 50.3%), and Edmonton (up by 1.7% to 47.4%).
As with the previous months, British Columbia’s housing markets were the fastest-cooling markets in the country. Fraser Valley had the fastest-falling SNLR, down by 15.3% to 45.7%. Vancouver came in second, down by 14.5% to 39.9%. Victoria ranked third, down by 7.8% to 57.7%.
Other markets that saw a YOY slowdown in SNLR were Windsor (down by 4.8% to 71.5%), London (down by 3.8% to 73%), Winnipeg (down by 2.5% to 55.6%), Niagara (down by 2.1% to 59%), and Kitchener (down by 1.1% to 67.3%), according to a Better Dwelling report.
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