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Canada’s resale real estate market is on the rebound at least when it comes to supply of homes.
A new report from RBC Economics found new listings grew substantially across all major markets in September year over year.
Calgary saw among the largest year-over-year increases in supply up nearly 16 per cent in September while sales dropped about 18 per cent from the previous year.
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Fraser Valley topped the report’s findings for percentage increases in new listings, growing 18 per cent. Its sales were down about 10 per cent year over year.
Edmonton experienced the least percentage rise in new listings in September, about six per cent year over year. It also had one of the largest jumps in sales activity among all markets at 10 per cent.
Montreal had the most sizeable percentage bump in sales in September, an increase of 18 per cent from the same month last year. Its new listings also grew about nine per cent.
Like Edmonton and Montreal, Toronto was the only other major market to see growth in new listings and sales. There, sales rose close to nine per cent last month compared with the same month in 2023. New listings were up almost 11 per cent.
Vancouver’s real estate resales dropped about four per cent year over year, while new listings grew nearly 13 per cent.
RBC noted that the recent market data reflects modest increases in activity in previously cold markets like Toronto — though many buyers there and elsewhere remain “priced out” due to higher mortgage interest rates.
It did forecast that demand should continue to grow into the spring so long as interest rates keep easing for mortgages. That will push prices higher, it added, but that is likely to provide more confidence for buyers. In recent months, prices have largely trended lower in Canada, it added, with the exception of Edmonton and Calgary — Canada’s two hottest markets.
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