Updated June 03, 2022
These Market Stats are updated at the beginning of each month using the MLS® HOME PRICE INDEX and the CADREB STATS CENTRE.
Be sure to come back to stay up to date on the latest data!
Click to expand the images below. Separated by: SINGLE FAMILY | TOWNHOMES | CONDOS
*Most attractive selling price point for May also dropped to:1,000k-1,099k.
The single family statistics are based on resale, single family homes on lots under 1 acre.
*Median Sale Price dropped for the 3rd time in a row from $1,048k in April to $950k in May. This is a 150k drop from February which was at 1100k.
*New Listings are up from from 370 in April to 395 in May.
*Total Inventory still continuing upwards for 5th month in a row from 608 in March to 688 in April. (Inventory was 155 in December 2021)
*Unit Sales continues on steep decline dropping for 3rd month in a row from 156 in April to 109 in May.
*Sales to Active Ratio dropped significantly from 62% in Feb to 35% in March to 27% in April down to 16% last month. This has been this lowest since May 2020. Below 20% is considered a balanced market.
The townhouse statistics are based on resale townhomes and exclude new construction sales.
The condo statistics are based on resale condos and exclude new construction sales.
Performance over Time compares Single Family, Townhouse and Condo sales through an extended period of history.
Absorption rate is the rate at which homes sell in a given area during a given time period. Absorption rate is calculated by dividing the number of sales in a given month by the number of available homes for sale. It is the inverse of months of supply.
For example, if there are 100 condos listed for sale in a certain area, and 10 condos sold over the last month, the absorption rate is 10/100=10%.
An absorption rate of 20% or higher means that homes are selling quickly and the market favors sellers. Lower absorption rates mean that homes are not selling quickly, and supply is much greater than demand, favoring buyers.
Months of Supply
Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5-month supply of homes for sale.
Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.
Months of supply is the inverse of absorption rate.
Several factors influence the housing market, including mortgage interest rates, inflation, employment, investment, construction, immigration, government assistance programs, and the health of local and world economies. All of these influence the supply and demand of the market which, in turn, affects prices.
There are three classifications experts use to describe the balance of supply and demand in the housing market:
A seller’s market is when there are more people looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio of 20% or higher.
In contrast, a buyer’s market is when there are many more homes for sale than there are buyers. As a result, prices increase slower than the long-term average rate of inflation. In extreme circumstances this can cause prices to decline. Typically this is indicated by a sales-to active listings ratio below 12%.
A balanced market occurs when supply and demand are about the same, with home prices rising in line with long-term average rate of inflation. Typically this is indicated by a sales-to-active listings ratio between 12% and 20%.
Over a sustained period of time: