Vancouver Real Estate Demand Plummets
Canadian real estate demand slid last month, but a few markets bucked the trend. Canadian Real Estate Association (CREA) numbers show the sales to new listings ratio (SNLR) fell in May. The decline was most prominent in British Columbia real estate markets, which led the index lower. Markets east of Toronto are starting to warm up though, after lagging national price performance for years. Leading the way higher last month were Gatineau, Halifax, and Ottawa. Gatineau saw the SNLR reach 64.1% in May, up 11.4% from last year. Halifax followed with the second largest gain with an SNLR of 69.8%, up 8.5% from last year. Ottawa came in third with a ratio of 73.8%, up 6.6% from last year. Worth noting all of these markets underperformed the national price movement. They’re less scorching hot right now, than they are playing catch up.
Tags : INTERNATIONAL