CREA released the nationwide statistics for March this morning. Below is the roundup of bank commentary:
Toronto and Vancouver are exerting a downward influence on the national price statistic. These two markets saw the largest price gains in 2010 and 2011, and their markets are now unwinding and returning to more fundamentals. By contrast, Calgary and Edmonton did not see these same price gains and as a result, have fewer excesses to evaporate.
Bank of Montreal
Shutting out the noise in the monthly data, the main story is that home sales have taken a big step back since last spring but prices are holding up. The market remains relatively balanced, albeit with a distinct fade. Look for the headline figures to turn less negative later this year, although we still expect a 7% drop in annual sales for 2013.
Royal Bank of Canada
Based on the sales-to-new listings ratio, the majority of local markets continued to be balanced in March, including Toronto and Montreal. Vancouver remained close to being a buyers’ market. Edmonton and Calgary, on the other hand, were sellers’ markets…Markets where the economy is strongest, such as Alberta, will outperform. Conversely, local markets where affordability is poor, such as Vancouver, face greater declines.