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Canadian home sales have seen a steady increase following the Bank of Canada’s first rate cut, driven by improved affordability, though sales remain below the long-term average. In August, sales volume grew by 1.3%, reaching its highest level since early 2020. Meanwhile, new listings have risen for four consecutive months, indicating that the market could shift into a buyer's market as supply begins to outpace demand.

Newly listed properties in Edmonton and Calgary have grown, offsetting declines in the Greater Toronto Area (GTA). Overall, the number of properties for sale increased by 1.1% in August, reflecting an 18.8% rise year-over-year, although inventory is still below historical averages. The stability in new listings suggests that many buyers are waiting for further affordability improvements before making a purchase.

The national sales-to-new listings ratio climbed slightly to 53%, maintaining a consistent level since early 2024. However, the market is still far from the peak ratio of 81% seen in December 2023. Prices have remained relatively stagnant since the sharp correction from 2022’s record highs, with Toronto condominium prices experiencing significant volatility.

Read the full article on: REAL ESTATE MAGAZINE