Home Sale Activity Back To Fall Levels

Home sales recorded over Canadian MLS Systems fell back 5.4 per cent between February and March 2022. The decline puts activity back in line with where it had been since last fall, says the Canadian Real Estate Association (CREA). Sales were down in about half of local markets in March, led by declines in the Greater Toronto Area (GTA), ON, and Calgary, AB. The actual (not seasonally adjusted) number of transactions in March 2022 came in 16.3 per cent below the all-time record set in March 2021. However, it remains the second-highest level on record for the month. The number of newly listed homes fell back by 5.5 per cent on a month-over-month basis in March following a jump in February. The monthly decline was led by Greater Vancouver, BC. With sales and new listings falling in equal measure in March, the sales-to-new listings ratio stayed at 75.3 per cent. The long-term average for the national sales-to-new listings ratio is 55.1 per cent. About two-thirds of local markets were seller's markets based on the sales-to-new listings ratio. The other third of local markets were in balanced market territory. There were 1.8 months of inventory on a national basis at the end of March 2022 – up from a record-low of just 1.6 months in the previous three months.