Canadian real estate sales are still dropping. Canadian Real Estate Association (CREA) numbers show home sales falling in November. Last month, only three major real estate markets saw increase on a year over year basis. The rest saw declines, especially in major markets like Vancouver – which led the way lower.

Canadian Real Estate Sales Drop Over 12%

Canadian real estate sales are still falling, and fast. CREA reported 33,318 sales in November, down 15.25% from the month before. Sales across the country are now down 12.54%, when compared to the same month last year. The decline is the eleventh consecutive month for declines, and is likely to continue.

Canadian Real Estate Sales

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

Source: CREA, Better Dwelling.

The growth of Canadian real estate sales have been trending lower for years. Last month was the slowest November since 2013, and the largest annual decline since 2008. Sales have continued to trend lower from peak growth seen in February 2016. Maybe Santa will give everyone a condo for Christmas.

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.

Quebec, London, and Montreal Real Estate See Biggest Gains

The markets with the largest gains for November were Quebec City, London, and Montreal. Quebec City reported 611 sales in November, up 18.2% – the largest jump in the country. London followed with 737 sales, up 6.3% from last year. Montreal came in third with 3,630 sales, up 6.1% from last year. By the way, these weren’t just the three with the biggest gains. They are the only major markets with a gain to report.

Canadian Real Estate Sales By Market

Canadian real estate sales in markets with more than 500 sales in 2017.

Source: CREA, Better Dwelling.

Vancouver, Fraser Valley, and Victoria Real Estate See Biggest Losses

The biggest losses were all found in British Columbia last month. Vancouver saw 1,633 sales in November, a decline of 42.3% from last year – the largest in the country. Fraser Valley reported 977 sales, down 40.5% from last year. Victoria came in third with 476 sales, a decline of 24.3%. Toronto was somewhere in the middle of the list with 6,251 sales in November, a decline of 15.2% from last year.

Canadian Real Estate Sales Change By Market

The percent change in Canadian real estate sales, in markets with more than 500 sales in 2017.

Source: CREA, Better Dwelling.

All but three major Canadian real estate markets saw declining annual growth. This trend isn’t just a one month issue either, but we’ve seen consistently for most of 2018. Out of the two markets that did grow, two of them saw relatively small numbers. Is there a near term catalyst to reverse this trend?

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