Canadian real estate still competitive due to drop in listings

Real estate competition across Canada is at a similar level to last year, research from Zoocasa has found.

There were 33,051 homes sold across Canada in May 2020, while 59,977 homes were newly listed – meaning the sales-to-new-listings ratio was 55%.

In May 2019 there were 54,847 sales and 96,830 listings. However the sales-to-new-listings ratio was similar at 57%, meaning competition hasn’t seen much of a shift.

Will Doyle, real estate salesperson for brokerage RE/MAX Realtron, who is based in the Greater Toronto Area, said: “It’s a bit neighbourhood specific, but in some areas it’s still very competitive – properties are getting multiple offers.

“The biggest reason is a lack of listings.”

He added: “Things are way busier than a month ago.

“Rents have gone down but house prices have stayed relatively flat.”

Across the Greater Toronto Area sales were down by 53.7% in May 2020 compared to the year before, though they increased by 55.2% from April.