Eight markets where 100 per cent of homes listed sell

December 22, 2020

Sudbury: every home listed in November sold

There are eight housing markets in Canada where 100 per cent of new listings for homes sold this year, according to a survey by Zoocasa.
Zoocasa studied housing competition across 25 Canadian housing markets by reviewing sales and new listings data for each region for the month of November. Zoocasa determined the sales-to-new-listings ratio (SNLR) to illustrate demand and supply dynamics in each market, and to identify the degree of competition local buyers faced in relation to supply.
Of the 25 regions included in the analysis, fiery hot demand coupled with limited inventory resulted in very competitive housing conditions for homebuyers in eight regions where the SNLR was at least 100 per cent.
This SNLR means that demand was much higher than new listings, and buyers began to purchase properties that were listed prior to November. 
Canada’s most competitive housing market for buyers was Sudbury, with an SNLR of 117 per cent where November sales grew 26 per cent year-over-year while listings dropped by 10 per cent.
Saint John and Gatineau followed next, each with an SNLR of 110 per cent. Home sales grew 30 per cent in Saint John, while new listings increased 12 per cent. That being said, the average home price in both regions remained under $350,000, making them among most affordable housing markets in Canada.
The remaining Canadian regions with an SNLR over 100 per cent are London and St. Thomas (each at 109 per cent), Halifax-Dartmouth (108 per cent) Thunder Bay (106 per cent), Niagara Region (106 per cent), and Victoria (101 per cent). 
Although Greater Toronto, Greater Vancouver, and Hamilton-Burlington exhibited strong sellers’ market conditions, SNLR declined on a year-over-year basis. In Greater Toronto, SNLR was 76 per cent (down from 82 per cent in 2019). The average home sold in the region for $955,615 in November.
Similarly, in Greater Vancouver, SNLR dropped from 83 per cent in 2019 to 75 per cent this November, and in Hamilton-Burlington it declined slightly to 93 per cent. Home prices rose in both regions on an annual basis—rising 8 per cent in Greater Vancouver to $1,084,001, and 21 per cent in Hamilton-Burlington to $724,730, according to Zoocasa.