Nationwide housing demand edges up in July

By Geraldine Grones

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.

 

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