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BMO’s “Scorecard” Compares Housing Market Conditions Across Canadian Cities

Most Canadian cities are now classified as buyers markets.

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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:

  • Calgary
  • Edmonton
  • Saskatoon
  • Regina
  • Vancouver
  • Regina

Canada’s East coast, on the other hand, favours sellers with many sales and very few new listings added:

  • Ottawa
  • Montreal
  • Halifax

Toronto and Winnipeg’s residential housing markets are currently balanced.

Source: BMO Economics

 

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.

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This article, BMO’s “Scorecard” Compares Housing Market Conditions Across Canadian Cities, appeared first on Shupilov News.

 

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