BMO Economics recently published a housing study that ranks Canadian housing markets from least competitive to most competitive, based on price growth, available inventory and average selling time.
TL;DR: The report suggests that buyers have the advantage over sellers in several Canadian cities. Ottawa, Montreal and Halifax were the only three residential markets recording conditions consistent with a seller’s market.
Six out of eleven of Canada’s metropolitan cities are currently buyer’s markets:
Canada’s East coast, on the other hand, favours sellers with many sales and very few new listings added:
Toronto and Winnipeg’s residential housing markets are currently balanced.
Based on sales-to-new listings ratios, Ottawa and Montreal are displaying the hottest market conditions, with strong price gains and increased sales. Ottawa recorded slightly stronger appreciation rates, while Montreal recorded a higher sales record.
Affordability conditions are best in Regina (where only 12% of income goes towards mortgage service costs), Saskatoon (14%), Winnipeg (16%), Halifax (16%) and Ottawa (18%).
In Montreal, the average household puts 21% of their income towards mortgage costs.
Affordability was worst in Vancouver, where 65% of average homeowner incomes go towards mortgage costs.
This article, BMO’s “Scorecard” Compares Housing Market Conditions Across Canadian Cities, appeared first on Shupilov News.