Resale housing activity up slightly in Canada
May 22, 2012
Activity was either up or held steady in half of all local markets in April, with Toronto and Calgary posting the biggest monthly increases for the second month in a row. Activity gains in Montreal, Winnipeg, Edmonton, as well as London and St. Thomas also made significant contributions to the national sales increase in April. Increased activity in these markets offset monthly declines in Ottawa, Windsor-Essex, Quebec City, the Fraser Valley, and Vancouver.
“A number of Canadian housing market trends in April remained intact from the previous month,” said Wayne Moen, CREA President. “Trends in Vancouver and Toronto continue to diverge. These two housing markets have an obvious influence on national statistics and a high profile, but Canada is a big place.”
The national housing market tightened marginally in April due to higher sales and stable new listings, but remains firmly entrenched in balanced market territory. The national sales-to-new listings ratio, a measure of market balance, stood at 55.9% in April, up slightly from its March reading of 55.4%.
Actual (not seasonally adjusted) activity stood 11.5% above levels in April 2011, reflecting the slowdown in sales following changes to mortgage regulations that came into effect in March of last year.