Calgary and Edmonton have among the lowest rates in the country when it comes to sales-to-new-listings ratios for selling homes, according to Zoocasa, a real estate website providing online advanced search tools and data for consumer.
On Thursday, the company released a report ranking the major housing markets across Canada by their ratios.
Those ratios are determined by taking the number of sales and dividing them by the number of new listings. A percentage under 40 per cent means that few homes were sold out of those newly listed homes, a circumstance that’s considered to be a buyers’ market. A percentage of over 60 per cent indicates a sellers’ market. And a balanced market is between 40 to 60 per cent.
Here are some numbers from the major markets for June:
- Saskatoon – 42 per cent
- Greater Vancouver Area – 43 per cent
- Regina – 48 per cent
- Fraser Valley – 48 per cent
- Edmonton – 55 per cent
- Greater Toronto Area – 56 per cent
- Calgary – 56 per cent
Compared to last year, Edmonton’s percentage has risen by 10 per cent while Calgary’s hike is seven per cent.
“Overall, the Canadian real estate market is considered to be balanced, though it’s creeping closer to sellers’ territory. According to new calculations of non-seasonally adjusted June sales and new listings data by Zoocasa, the national sales-to-new-listings ratio (SNLR) hit 59 per cent last month, up from 56 per cent the year before,” said the company in a blog on its website.
“From a national perspective, the June SNLR translates to just enough supply to meet demand, providing a firm foundation for market prices, yet still preventing the kind of competitive factors that lead to overheating values.
“However, the conditions experienced by home buyers and sellers at the local level can be very different as supply and demand imbalances in the western and eastern provinces mean some housing markets remain in the doldrums, while others are downright frothy. According to the data, none of the 25 markets analyzed can be considered to be a classic buyers’ market – defined by having a sales-to-new-listings ratio of 39 per cent and below – while 15 can be classified as sellers’ markets. A total of 10 remain balanced.”