The nationwide demand for housing fell in April, with British Columbia leading the downward trend.
The national sales-to-new-listings ratio (SNLR) dropped to 54.7% last month from 56.8% in April 2018, according to the Canadian Real Estate Association (CREA).
BC’s three largest housing markets made the largest year-over-year (YOY) decline last month. Fraser Valley hit an SNLR of 45.1%, down by 14.1% from April 2018 – the biggest drop in the country. Vancouver came in second with an SNLR of 39.2%, down by 21.6%. Victoria followed with an SNLR of 56.9%, down by 14.1%.
Only Vancouver hit a buyer’s market, but all three made such a fast drop that they might all seem like buyer’s markets, Better Dwelling said.
In contrast, Montreal and Southern Ontario made big YOY improvements last month. Montreal made the largest increase with an SNLR of 72%, up by 6% from April 2018. Ottawa came in second with an SNLR of 72.2%, up by 4.4%. Toronto followed with an SNLR of 50.4%, up by 4%.
“Toronto’s big jump puts it on the line of balanced, whereas Montreal and Ottawa appear to be approaching tighter inventory,” Better Dwelling said.
However, Better Dwelling said that the vast majority of housing markets still see lower demand than they were during this time in 2017.