Houses for sale in Ottawa

Still, 5.5% growth in new listings last month compared with May will do little to address the overall inventory crisis facing the country, the bank’s assistant chief economist Robert Hogue suggested.

According to the Canadian Real Estate Association (CREA), the 3.1 months of inventory available on a national basis at the end of June was down by more than a month from January, and well below the long-term average for that measure of about five months.

“A lot more supply is needed to bulk up historically-low inventories,” Hogue said. “Buyers still face a scarcity of options in the majority of markets, tilting the scale in favour of sellers.”

That said, Toronto and Vancouver – two of Canada’s most notoriously overheated housing markets – are seeing price appreciation at a more modest rate than might be expected this year, Hogue said, with “sizable increases in new listings” and stalled or declining resales helping loosen tight demand-supply conditions.

“Their respective sales-to-new listings ratio has returned to a balanced setting,” he noted. “If sustained, we would expect this to moderate [the] rate of price appreciation in the period ahead.”

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