A brief research note released by Scotia shows how the national housing market was generally balanced in April, with some “divergent regional performances.”
In Saskatchewan and Alberta, the resource sector is “fuelling relatively stronger employment and income gains, and attracting population inflows internationally as well as from other provinces.”
The real estate boards of Calgary, Regina and Saskatoon reported y/y sales gains in April of 30%, 24% and 20% respectively.
Sales in the Greater Toronto Area rose 18% y/y in April, and are roughly 15% above the decade average.
In contrast, Vancouver sales last month were down 13% from a year earlier,
and are tracking about 15% below the decade average.
On the Canadian real estate market as a whole, Scotia writes:
Canada’s spring housing season is off to a strong start, buoyed by recent job gains, mild weather and low borrowing costs…Overall trends in resale housing demand and supply are consistent with a national market that has transitioned to a more sustainable level of activity.
The current pace of sales is running about 5% above the average of the past decade, with demand underpinned by historically low interest rates. Meanwhile, an increase in available listings has lowered the temperature on prices in most parts of the country. On average, y/y prices are relatively flat.