Canadian Real Estate Sales Print Longest Losing Streak Since 2008 - Better Dwelling

Canadian real estate sales continue to slide even lower. Canadian Real Estate Association (CREA) numbers show sales dropped once again in March. The decline in home sales across the country marks an unusually long period of negative growth.

Canadian Real Estate Sales Fall To 6 Year Low

Canadian real estate sales slipped once again. CREA reported 41,964 sales in March, up 33.57% from the month before. This represents a 4.59% decrease compared to the same month last year. The monthly increase was normal, but the annual is most definitely not. Over the past 10 years, only 2013 printed fewer March sales across the country.

Canadian Real Estate Sales

The unadjusted sales for all home types, as reported through the Canadian MLS.

Source: CREA, Better Dwelling.

The annual pace of growth is getting larger, and printing an unusually long negative streak. Last month’s 4.59% decline is the third consecutive month declines have become larger. It was also the 15th negative month in a row – the longest streak since 2008.

Canadian Real Estate Sales Change

The annual percent chage of unadjusted sales for all home types, as reported through the Canadian MLS.

Source: CREA, Better Dwelling.

Markets With The Most Growth Were Very Small

The largest sales growth was observed Niagara, Winnipeg, and Quebec City. Niagara, which topped growth, reported 521 sales in March, up 2.96% from last year. Winnipeg was next with 948 sales, up 2.71% from last year. Quebec City came in third with lucky number 888, up 2.07% from last year. In addition to small growth, each of these markets are very small themselves. The gains literally represent an increase of 15, 25, and 18 homes, respectively.

Canadian Real Estate Sales By Market

Canadian real estate sales in markets with more than 500 sales in 2018.

Source: CREA, Better Dwelling.

Greater Vancouver Real Estate Leads Sales Declines

Western Canadian real estate markets were hardest hit, especially Lower Mainland, BC. Vancouver had the biggest drop with 1,745 sales in March, down 31.6% from last year. Fraser Valley followed with 1,164 sales, down 26.14% from last year. Edmonton came in third with 1,331 sales, down 11.62% from last year. Lower Mainland markets sales are still dropping very quickly. Fraser Valley’s annual decline is more than twice that of Edmonton’s.

Canadian Real Estate Sales Change By Market

The percent change in Canadian real estate sales, in markets with more than 500 sales in 2018.

Source: CREA, Better Dwelling.

Canadian real estate sales are still showing declines across the board. The few markets that did show growth, were extremely small. In fact, the largest gain by units is smaller than a typical rounding error in Toronto. Sales declines have gone on so long though, reversal or recession are likely to be in the picture soon.

Like this post? Like us on Facebook for the next one in your feed.

from Business - Latest - Google News http://bit.ly/2KDqmbD
via IFTTT
April 15, 2019 at 09:30PM