Regardless of a rise in new listings in most of the nation’s main housing markets in February, it wasn’t sufficient to maintain costs from persevering with their climb.
In Toronto, the MLS Residence Value Index was nonetheless up 28% in comparison with final yr—and practically 6% on a month-over-month foundation—whereas Vancouver costs had been up 21% from final yr.
Calgary, in the meantime, noticed a surge in exercise, with gross sales up 80% from final yr and its benchmark worth up 16% on an annual foundation and up practically 6% from January.
Nevertheless, delicate modifications are showing in sure markets, together with fewer affords on provide evening and fewer aggressive bidding, in keeping with John Pasalis, founder and president of Realosophy Realty.
“…we’re positively seeing some early indicators of cooling, though the market is deep in vendor’s market territory,” he posted in a Twitter thread. He famous that in early February, about 5% of houses with provide nights did not promote and had been re-listed at a better worth. That share rose to 10% by the top of the month.
“…just a few weeks foes not make a development, which is why it is necessary to control how the market includes,” he added. “However I do suppose this gradual slowdown will proceed, partly pushed by purchaser fatigue, excessive costs, larger charges, but in addition the worldwide macroeconomic dangers forward.”
Here is a have a look at the February statistics from a number of the nation’s largest regional actual property boards:
Larger Toronto Space
Gross sales: 9,097
- -16.8% (YoY)
- +61% month-over-month (MoM)
MLS Residence Value Index: $1,334,544
New Listings: 14.147
“Many households sped up their residence buy and entered right into a transaction in 2021, which is one purpose the variety of gross sales had been forecasted to be decrease this yr and a trending in the direction of larger borrowing value could have a moderating impact on residence gross sales,” stated TRREB President Kevin Crigger. “Substantial immigration ranges and a continued lack of provide, nonetheless, could have a countering impact to growing mortgage prices.”
Supply: Toronto Regional Actual Property Board (TRREB)
Larger Vancouver Space
Gross sales: 3,424
MLS Residence Value Index for all property sorts: $1,313,400
New Listings: 5,471
“As we put together to enter what’s historically the busiest season of the yr, the Metro Vancouver housing market is seeing extra traditionally typical residence sale exercise and a modest uptick in residence itemizing exercise in comparison with final yr,” stated REBGV Chair Taylor Biggar. “[But] regardless of having a better quantity of individuals itemizing their houses on the market in February, the area’s housing market stays considerably undersupplied, which has been pushing residence costs to new highs month after month.”
Supply: Actual Property Board of Larger Vancouver (REBGV)
Montreal Census Metropolitan Space
Residence Gross sales: 4,399
Median worth (single-family indifferent): $550,000
Common worth (condos): $381,000
New Listings: 4,899
“The Financial institution of Canada’s choice to start the method of elevating key rates of interest on March 2 will fairly doubtless mark the start of moderation within the extra demand for properties for the remainder of the yr and a gradual easing of the quantity and depth of overbidding conditions ,” stated Charles Brant, QPAREB director of market evaluation. “Whereas there may be some moderation within the downward development of properties on the market, the sturdy imbalance of the market in favor of sellers persists. Stress on costs due to this fact stays excessive.”
Supply: Quebec Skilled Affiliation of Actual Property Brokers (QPAREB)
Gross sales: 3,305
Benchmark worth (all housing sorts): $499,400
New Listings: 4,652
“Gross sales have been considerably restricted by the dearth of provide selection out there.
Whereas sellers did reply with a document stage of recent listings this month, the
demand has been so sturdy that the housing market continues to stay
under-supplied inflicting additional worth good points,” stated CREB chief economist Ann-Marie
“Whereas the good points in new listings will assist present option to purchasers and ultimately help extra balanced situations, it should take a while to work by the demand out there,” the report added.
Supply: Calgary Actual Property Board (CREB)
Gross sales: 1,421
Common Value (single household indifferent): $837,517
New Listings: 1,762
“Whereas a month-to-month enhance [in sales] is typical for this time of yr, the gradation of this enhance is larger than earlier years, which might be a sign that our spring market could ramp up earlier this yr,” stated Ottawa Actual Property Board President Penny Torontow.
“At 4% larger than the five-year common and 12% larger than February 2021, [the increase in new listings] resulted in an nearly 10% enhance in residential-class property stock in comparison with final yr at the moment,” she added. “Condominium provide, nonetheless, is down 20%.”
Supply: Ottawa Actual Property Board (OREB)