Halifax, in particular, enjoyed generous market gains
Data from the Canadian Real Estate Association showed that the sales-to-new-listing ratio (SNLR) enjoyed notable growth over the last year, with the largest gains posted by urban markets in the eastern half of the country.
This was especially apparent in Halifax, which continues to benefit from sustained market health and activity.
The SNLR in Halifax topped at 77.6% in November 2019, representing a 12.8% year-over-year upsurge. Indeed, this was the fastest annual increase nationwide during that month, Better Dwelling reported.
Inbound migration and scarce inventory helped propel home price and sales growth in Halifax this year, Royal LePage stated in its Q3 2019 market assessment. During the quarter, the city enjoyed a 1.6% annual increase in its aggregate home price to end up at $328,690.
Other high-demand markets in Eastern Canada were Montreal (SNLR of 77.2%, up by 7.7% year-over-year) and Ottawa (SNLR of 77.1%, growing by 7.6%).
In contrast, Victoria and Southern Ontario registered notable drops in their readings. Windsor suffered the largest decline (6%), down to an SNLR of 69.8% in November.
London also fell by 2.4%, to an SNLR of 72.8%, down 2.4% from last year. Victoria posted a 1.9% decrease, to a ratio of 60%.
