The newly released RE/MAX Canada report found that inventory levels in major Canadian real estate markets have been dwindling over the past decade, with active listings in July running below the 10-year average in almost all markets surveyed based on Canadian Real Estate Association data and insights from the RE/MAX network. This, despite softer overall real estate activity, according to a report released today by RE/MAX Canada. Read the full report to learn more, and share with your clients to keep them informed.
Key Findings
- In analyzing the 10-year July average in the decade spanning 2003 and 2012, several Canada real estate markets experienced more active listings than in the most recent decade (2013-2022). These included the Greater Toronto Area (21,243 active listings versus 16,458), Hamilton-Burlington (3,473 active listings versus 2,304) and Greater Vancouver (14,352 active listings versus 12,792).
- Inventory remains key to the overall health of the Canada real estate market—affordable, accessible housing depends on supply. A recent report from Canada Mortgage and Housing Corp. (CMHC) concluded that the country needs to build 3.5 million new homes by 2030 to tackle the affordability issue, yet Canada is averaging only 200,000 to 300,000 new units per year.
- Developer pullback is evident in light of softening demand in the short term combined with current economic and market realities. CMHC noted a decrease in the seasonally adjusted annual rate of housing starts in Canada’s urban areas in July of 2022, driven by lower starts in the single-detached category.
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