News Release. Canadian home sales moderate further in January Ottawa, ON, February 14, The Canadian Real Estate Association
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1 Canadian home sales moderate further in January Ottawa, ON, February 14, 2014 According to statistics 1 released today by The Canadian Real Estate Association (CREA), national home sales activity posted its fifth consecutive month-over-month decline in January Highlights: National home sales fell 3.3% from December to January. Actual (not seasonally adjusted) activity stood 0.4% above January 2013 levels. The number of newly listed homes edged up 0.2% from December to January. The Canadian housing market remains in balanced territory. The national average sale price rose 9.5% on a basis in January. The MLS Home Price Index (HPI) rose 4.8% in January. The number of home sales processed through the MLS Systems of Canadian real estate Boards and Associations and other co-operative listing systems fell 3.3 per cent on a month-over-month basis in January This marks the fifth straight decline, and leaves activity 9.1 per cent below the peak reached in August 2013 (Chart A). Chart A Sales were down on a month-over-month basis in more than 60 per cent of all local markets in January, with declines in Greater Toronto, Greater Vancouver, London and St Thomas, Windsor-Essex, and a number of other Southern Ontario markets. A number of buyers likely waited out January s deep freeze before going house hunting, particularly where I m from in Southern Ontario, said CREA President Data table available to media upon request, for purposes of reprinting only. Laura Leyser. It s a perfect example of how a local influence that may not be shared by other markets can factor into national sales activity. Like the weather, all real estate is local. To see what s driving the housing market where you live or might like to, your best bet is to talk to your local REALTOR. Actual (not seasonally adjusted) activity stood 0.4 per cent above levels posted in January Year-over-year increases were recorded in less than half of all local markets, with gains across most of British Columbia and Calgary offset by declines in Southern Ontario, Quebec, and much of the East Coast. Canadian housing market performance in January was a weather report of sorts, with January s Polar Vortex having dented both resale activity and new construction, said CREA Chief Economist Gregory Klump. We ll be keeping a close eye on February s numbers for signs of a rebound in Southern Ontario, where sales reflected deferred home purchases due to cold weather rather than home buyers getting cold feet. 1 All figures in this release except price measures are seasonally adjusted unless otherwise noted. Removing normal seasonal variations enables meaningful analysis of s and fundamental trends.
2 The number of newly listed homes edged up 0.2 per cent on a month-over-month basis in January. New supply was up in just over half of all local markets, led by Edmonton, Regina, Ottawa, and Montreal and offset by declines in Greater Vancouver, Calgary, and Greater Toronto. With sales down and new listings little d, the national sales-to-new listings ratio eased back to 52.4 per cent in January compared to 54.2 per cent in December. This remains well within balanced territory marked by the range from 40 to 60 per cent, as has been the case since early Just under two-thirds of all local markets posted a sales-tonew listings ratio in this range in January. The number of months of inventory is another important measure of balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity. There were 6.4 months of inventory at the national level at the end of January 2014, up from 6.3 months at the end of December. As with the sales-to-new listings ratio, the current level of the months of inventory measure indicates that the Canadian housing market remains well balanced. The actual (not seasonally adjusted) national average price for homes sold in January 2014 was $388,553, an increase of 9.5 per cent from the same month last year. The size of average price gains continues to reflect the decline in sales activity at this time last year among some of Canada s most active and pricey markets, which dropped the national average at that time. The MLS Home Price Index (MLS HPI) provides a better gauge of price trends because it is not affected by s in the mix of sales activity the way that average price is. The Aggregate Composite MLS HPI rose 4.83 per cent on a basis in January 2014, up from a 4.31 per cent gain in December. Year-over-year price growth picked up among all property types tracked by the index. Chart B Year-over-year price gains were led by two-storey single family homes (+5.57 per cent). This was closely followed by onestorey single family homes (+5.32 per cent), townhouse/row units (+3.94 per cent) and apartment units (+3.35 per cent). Year-over-year price growth in the MLS HPI was mixed across housing markets tracked by the index. Calgary (+8.98 per cent) and Greater Toronto (+7.06 per cent) again posted the biggest price gains. Data table available to media upon request, for purposes of reprinting only. Greater Vancouver recorded a third consecutive increase (+3.18 per cent) after more than a year of declines between late 2012 and late While prices in Victoria remained lower than year-ago levels, January s decline (-1.37 per cent) was the smallest in more than three years (Table 1).
3 Table 1 MLS Home Price Index January 2005 = 100 Percentage Change vs. Composite HPI: January 1 month 3 months 6 months 12 months 2014 ago ago ago ago 3 years ago 5 years ago Aggregate Lower Mainland Greater Vancouver Fraser Valley Vancouver Island Victoria Calgary Regina Saskatoon Greater Toronto Ottawa Greater Montreal Interactive tables and charts for MLS Home Price Index data on Composite, Single family homes (including separate indices for one- and two-storey homes), Townhouse/row units, and Apartment units are available at Data table available to media upon request, for purposes of reprinting only
4 PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS Systems from the previous month. CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types. MLS Systems are co-operative marketing systems used only by Canada s real estate Boards to ensure maximum exposure of properties listed for sale. The Canadian Real Estate Association (CREA) is one of Canada s largest single-industry trade associations, representing more than 106,000 REALTORS working through some 90 real estate Boards and Associations. Further information can be found at For more information, please contact: Pierre Leduc, Media Relations The Canadian Real Estate Association Tel.: or pleduc@crea.ca
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10 Dollar Volume over MLS Systems of Select Canadian Real Estate Boards & Associations January 2014 Dollar Volume* s.a. 2 nsa 3 s.a. 2 nsa 3 Fraser Valley Vancouver 2, , , , , , , , Victoria Calgary 1, , , , Edmonton Regina Saskatoon Winnipeg Hamilton-Burlington Kitchener-Waterloo London and St Thomas Ottawa St. Catharines Sudbury Thunder Bay Toronto 3, , , , , , , , Windsor-Essex Trois Rivières CMA Montreal CMA , Gatineau CMA Quebec CMA Saguenay CMA Sherbrooke CMA Saint John Halifax-Dartmouth Newfoundland & Labrador Canada 15, , , , , , , , * in millions of dollars Detailed data for the Toronto Real Estate Board (TREB) market area can be found at Includes non-member data 1 Total = + Non-residential 2 Seasonally adjusted 3 Not seasonally adjusted Source: The Canadian Real Estate Association; data for non-members in Quebec provided by QFREB s Centris System Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2002 are not directly comparable with earlier years.
11 Sales Activity over MLS Systems of Select Canadian Real Estate Boards & Associations January 2014 Sales Activity s.a. 2 nsa 3 s.a. 2 nsa 3 Fraser Valley 1,178 1, ,142 1, Vancouver 2,770 2, ,858 1, ,691 2, ,804 1, Victoria Calgary 2,653 2, ,885 1, ,487 2, ,802 1, Edmonton 1,725 1, ,112 1, ,532 1, , Regina Saskatoon Winnipeg 1,052 1, , Hamilton-Burlington 1,129 1, ,076 1, Kitchener-Waterloo London and St Thomas Ottawa 1,117 1, ,096 1, St. Catharines Sudbury Thunder Bay Toronto 6,781 7, ,135 4, ,812 7, ,135 4, Windsor-Essex Trois Rivières CMA Montreal CMA 3,079 3, ,128 2, ,982 2, ,054 2, Gatineau CMA Quebec CMA Saguenay CMA Sherbrooke CMA Saint John Halifax-Dartmouth Newfoundland & Labrador Canada 38,956 40, ,286 25, ,658 37, ,636 23, Detailed data for the Toronto Real Estate Board (TREB) market area can be found at Includes non-member data 1 Total = + Non-residential 2 Seasonally adjusted 3 Not seasonally adjusted Source: The Canadian Real Estate Association; data for non-members in Quebec provided by QFREB s Centris System Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2002 are not directly comparable with earlier years.
12 New Listings over MLS Systems of Select Canadian Real Estate Boards & Associations January 2014 New Listings s.a. 2 nsa 3 s.a. 2 nsa 3 Fraser Valley 2,514 2, ,676 2, ,255 2, ,376 2, Vancouver 5,181 5, ,782 5, ,920 5, ,498 5, Victoria 1,066 1, ,090 1, Calgary 3,696 3, ,581 3, ,297 3, ,174 3, Edmonton 3,175 2, ,844 2, ,502 2, ,282 2, Regina Saskatoon 1,047 1, , Winnipeg 1,701 1, ,246 1, ,508 1, , Hamilton-Burlington 1,631 1, ,496 1, ,494 1, ,349 1, Kitchener-Waterloo 1,126 1, ,236 1, ,003 1, London and St Thomas 1,539 1, ,428 1, ,321 1, ,196 1, Ottawa 2,697 2, ,185 2, ,555 2, ,047 2, St. Catharines Sudbury Thunder Bay Toronto 11,539 11, ,822 10, ,542 12, ,822 10, Windsor-Essex Trois Rivières CMA Montreal CMA 6,820 6, ,251 8, ,430 6, ,835 7, Gatineau CMA Quebec CMA 1,205 1, ,392 1, ,085 1, ,297 1, Saguenay CMA Sherbrooke CMA Saint John Halifax-Dartmouth 1, Newfoundland & Labrador 1,060 1, Canada 79,562 78, ,282 78, ,977 69, ,635 67, Detailed data for the Toronto Real Estate Board (TREB) market area can be found at Includes non-member data 1 Total = + Non-residential 2 Seasonally adjusted 3 Not seasonally adjusted Source: The Canadian Real Estate Association; data for non-members in Quebec provided by QFREB s Centris System Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2002 are not directly comparable with earlier years.
13 Average Sale Price over MLS Systems of Select Canadian Real Estate Boards & Associations January 2014 Average Price* s.a. 2 nsa 3 s.a. 2 nsa 3 Fraser Valley 514, , , , , , , , Vancouver 793, , , , , , , , Victoria 476, , , , , , , , Calgary 469, , , , , , , , Edmonton 369, , , , , , , , Regina 372, , , , , , , , Saskatoon 334, , , , , , , , Winnipeg 269, , , , , , , , Hamilton-Burlington 404, , , , , , , , Kitchener-Waterloo 328, , , , , , , , London and St Thomas 251, , , , , , , , Ottawa 351, , , , , , , , St. Catharines 263, , , , , , , , Sudbury 238, , , , , , , , Thunder Bay 199, , , , , , , , Toronto 547, , , , , , , , Windsor-Essex 187, , , , , , , , Trois Rivières CMA 157, , n/a n/a - 156, , , , Montreal CMA 331, , n/a n/a - 329, , , , Gatineau CMA 242, , n/a n/a - 254, , , , Quebec CMA 271, , n/a n/a - 266, , , , Saguenay CMA 169, , n/a n/a - 171, , , , Sherbrooke CMA 236, , n/a n/a - 237, , , , Saint John 154, , , , , , , , Halifax-Dartmouth 267, , , , , , , , Newfoundland & Labrador 268, , , , , , , , Canada 393, , , , , , , , * Weighted residential average prices for Quebec (provided by Québec Federation of Real Estate Boards); does not affect weighted and unweighted national average price calculations. Information on Quebec's weighted average price calculation can be found at: Detailed data for the Toronto Real Estate Board (TREB) market area can be found at Includes non-member data 1 Total = + Non-residential 2 Seasonally adjusted 3 Not seasonally adjusted Source: The Canadian Real Estate Association; data for non-members in Quebec provided by QFREB s Centris System Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2002 are not directly comparable with earlier years.
14 Sales as a Percentage of New Listings over MLS Systems of Select Canadian Real Estate Boards & Associations January 2014 Sales as a Percentage of New Listings* s.a. 2 nsa 3 s.a. 2 nsa 3 Fraser Valley Vancouver Victoria Calgary Edmonton Regina Saskatoon Winnipeg Hamilton-Burlington Kitchener-Waterloo London and St Thomas Ottawa St. Catharines Sudbury Thunder Bay Toronto Windsor-Essex Trois Rivières CMA Montreal CMA Gatineau CMA Quebec CMA Saguenay CMA Sherbrooke CMA Saint John Halifax-Dartmouth Newfoundland & Labrador Canada *Actual (not seasonally adjusted) data for sales-to-new listings ratios are based on a 12-month moving average Detailed data for the Toronto Real Estate Board (TREB) market area can be found at Includes non-member data 1 Total = + Non-residential 2 Seasonally adjusted 3 Not seasonally adjusted Source: The Canadian Real Estate Association; data for non-members in Quebec provided by QFREB s Centris System Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2002 are not directly comparable with earlier years.
15 Dollar Volume & Sales Activity over MLS Systems of Canadian Real Estate Boards & Associations January 2014 s.a. 2 nsa 3 s.a. 2 nsa 3 Dollar Volume* British Columbia 3, , , , , , , , Alberta 2, , , , , , , , Saskatchewan Manitoba Ontario 6, , , , , , , , Quebec 1, , , , , , , , New Brunswick Nova Scotia Prince Edward Island Newfoundland & Labrador Northwest Territories Yukon Canada 15, , , , , , , , Sales Activity s.a. 2 nsa 3 s.a. 2 nsa 3 British Columbia 6,971 7, ,588 3, ,493 6, ,244 3, Alberta 5,875 5, ,963 3, ,373 5, ,681 3, Saskatchewan 1,096 1, ,058 1, Manitoba 1,199 1, ,133 1, Ontario 15,716 16, ,809 10, ,091 16, ,298 9, Quebec 6,219 6, ,374 4, ,875 5, ,123 4, New Brunswick Nova Scotia Prince Edward Island Newfoundland & Labrador Northwest Territories Yukon Canada 38,956 40, ,286 25, ,658 37, ,636 23, * in millions of dollars Includes member and non-member data 1 Total = + Non-residential 2 Seasonally adjusted 3 Not seasonally adjusted Source: The Canadian Real Estate Association; data for non-members in Quebec provided by QFREB s Centris System Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2002 are not directly comparable with earlier years.
16 New Listings and Average Sale Price over MLS Systems of Canadian Real Estate Boards & Associations January 2014 s.a. 2 nsa 3 s.a. 2 nsa 3 New Listings British Columbia 14,481 14, ,824 14, ,464 12, ,756 12, Alberta 9,600 9, ,017 9, ,212 8, ,670 7, Saskatchewan 2,602 2, ,190 2, ,360 2, ,976 1, Manitoba 1,972 2, ,466 1, ,746 1, ,264 1, Ontario 31,129 31, ,312 29, ,022 28, ,129 25, Quebec 14,468 13, ,393 16, ,984 12, ,995 14, New Brunswick 1,645 1, ,714 1, ,312 1, ,276 1, Nova Scotia 2,068 2, ,895 1, ,690 1, ,497 1, Prince Edward Island Newfoundland & Labrador 1,060 1, Northwest Territories Yukon Canada 79,562 78, ,282 78, ,977 69, ,635 67, Average Price* s.a. 2 nsa 3 s.a. 2 nsa 3 British Columbia 550, , , , , , , , Alberta 407, , , , , , , , Saskatchewan 309, , , , , , , , Manitoba 261, , , , , , , , Ontario 410, , , , , , , , Quebec 265, , n/a n/a - 271, , , , New Brunswick 154, , , , , , , , Nova Scotia 194, , , , , , , , Prince Edward Island 145, , , , , , , , Newfoundland & Labrador 268, , , , , , , , Northwest Territories 321, , , , , , , , Yukon 332, , , , , , , , Canada 393, , , , , , , , * Provincial weighted residential average price for Quebec (provided by Québec Federation of Real Estate Boards); does not affect weighted and unweighted national average price calculations. Information on Quebec's weighted average price calculation can be found at: Includes member and non-member data 1 Total = + Non-residential 2 Seasonally adjusted 3 Not seasonally adjusted Source: The Canadian Real Estate Association; data for non-members in Quebec provided by QFREB s Centris System Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2002 are not directly comparable with earlier years.
17 Months of Inventory and Sales as a Percentage of New Listings over MLS Systems of Canadian Real Estate Boards & Associations January 2014 Sales as a Percentage of New Listings* s.a. 2 nsa 3 s.a. 2 nsa 3 British Columbia Alberta Saskatchewan Manitoba Ontario Quebec New Brunswick Nova Scotia Prince Edward Island Newfoundland & Labrador Northwest Territories Yukon Canada Months of Inventory* s.a. 2 nsa 3 s.a. 2 nsa 3 British Columbia Alberta Saskatchewan Manitoba Ontario Quebec New Brunswick Nova Scotia Prince Edward Island Newfoundland & Labrador Northwest Territories Yukon Canada *Actual (not seasonally adjusted) data for sales-to-new listings ratios and months of inventory are based on a 12-month moving average Includes member and non-member data 1 Total = + Non-residential 2 Seasonally adjusted 3 Not seasonally adjusted Source: The Canadian Real Estate Association; data for non-members in Quebec provided by QFREB s Centris System Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2002 are not directly comparable with earlier years.
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