TOTAL RESIDENTIAL SALES & LISTINGS of Canada's 6 Biggest Metros Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal
SIZE MATTERS. Toronto has the biggest population but Ottawa currently has the biggest ratio of potential buyers (751) for each listing (chart below) so that sellers have the market advantage if buyers are willing to outbid their neighbours.
At the other end of the market, Edmonton, although not having the biggest inventory level in Canada (Montreal does), has the smallest ratio of buyers (200) for every listing, so the advantage goes to the buyer who can reject the offer, or underbid to keep prices from rising.
The ratio of sales to listings (MAR) and the time it takes to sell (MOI), also demonstrates which market participants have the advantage on the Price Series.
Montreal is often late in reporting so I may delay updating these charts until the second week of the month when the Montreal data are usually released.
A big hat tip to The Tulip Team at RE/MAX who supply the total active listings data each month for Ottawa (red line) which is not published by CMHC or the Ottawa Real Estate Board's public websites.
The different Canadian Real Estate Boards do not gather or publish their sales and listing data in a uniform manner, nor do they agree on definitions, nor do they agree on rules for measuring the time it takes to sell a listing. Local boards also change some data after the initial post has been made and data sharing between local boards and CMHC also results in reporting differences.
#OPENDATA - THIS CITIZEN'S DREAM: It would help if Government Agencies especially all land registry offices had open to the public online databases updated in real time as transactions occur so that the private sector could produce unbiased market analysis. The same goes for the Canadian Census and all Real Estate Boards. If we want a society able to make better decisions we need better data. Imagine a country that could build affordable housing in real time to meet the needs of its citizens. Collecting, publishing and using accurate data is a key element in rational decision making especially in an asset class that is so highly valued. Here are some radical ideas. Write your Member of Parliament.