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Canadian housing market rebounds
July 13, 2009


Tony Wong

After a stressful winter, builders breathing easier even if outlook uncertain.


Toronto's existing home market surprised economists with a better-than-expected resurgence in June. But a look at major markets across Canada shows that other cities across the country also had a similar — if not more spectacular rebound in that month.

Toronto's stellar 27 per cent increase in sales in June compared to last year, was outdone by sales in Greater Vancouver and Calgary according to figures compiled by ReMax Ontario Atlantic Canada in a report today.

"More balanced market conditions have emerged, effectively ending the stranglehold that buyers had on the market over the past six to eight months," said ReMax. "Low interest rates and increased affordability have served to stimulate market activity."

ReMax's research is a preview of the Canadian Real Estate Association's national figures. Those numbers, expected out tomorrow, give a snapshot of how the entire Canadian market is performing.

Vancouver was the top performer in June with sales up by an eye-catching 76 per cent. The city recorded the second-best month on record with 4,259 sales, compared to 4,333 sales in June of 2005.

While the market is largely balanced, bidding wars have emerged in some areas. In Kitsilano, about 50 per cent of housing is selling in multiple offers.

In Calgary, sales of 3,047 homes last month resulted in a 28 per cent jump from the same time last year.

"With increasing competition among first time buyers the supply of starter homes is tightening," said ReMax.

In third place Toronto, the 10,955 units sold in June came close to the historic record of 11,146 units of May 2007. Still, having the second-best month ever in terms of sales is not a bad feat in the middle of a recession.

Inventory is down about 30 per cent from the same time last year. Fewer listings and a lower supply of available homes has resulted in multiple offers in some areas. The strongest demand is for homes in the $300,000 to $600,000 range, says ReMax.

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