The Canadian housing market saw stronger activity in August as sales climbed, new listings rose, and inventory levels tightened slightly on a monthly basis. However, home prices continued to show mixed trends across provinces.
National Overview
- Sales: ↑ 5.7% y/y, ↑ 1.1% m/m – demand is picking up.
- New listings: ↑ 8.2% y/y, ↑ 2.6% m/m – more sellers are testing the market.
- Active inventory: ↑ 8.3% y/y, ↓ 0.3% m/m – year-over-year supply is higher, but short-term conditions are tightening.
- House prices: ↓ 3.5% y/y, ↓ 0.1% m/m – national values remain under pressure.
Regional Highlights
- British Columbia: Sales up 5.1% y/y, but prices down 3.1% y/y. Buyers have more choice, but pricing power leans toward them.
- Alberta: Sales down 5.6% y/y, listings up nearly 8%. Prices are flat, suggesting balance between buyers and sellers.
- Ontario: Strong sales growth (+10% y/y) but prices down nearly 7%. Sellers face competition, while buyers see more negotiating room.
- Quebec: Standout province with sales up 12% and prices up nearly 8%. Sellers are in the driver’s seat as both demand and prices rise.
What This Means for Buyers
- More choice: New listings are climbing in most provinces, giving buyers more options than last year.
- Negotiating power: With national prices still slipping, buyers may be able to secure better deals, particularly in Ontario and BC.
- Regional differences matter: In Quebec, conditions favor sellers, so buyers will face more competition and rising prices.
What This Means for Sellers
- Rising demand: Sales growth in most regions suggests more active buyers, which can help properties move faster.
- Price sensitivity: Even with stronger sales, buyers remain cautious on pricing. Sellers may need to stay competitive, especially in Ontario and BC where prices are falling.
- Quebec advantage: Sellers in Quebec currently benefit from both rising sales and prices — the strongest position nationally.
Where are Rates Heading?
