SUPPLY OF HOMES REMAINS LOW
The housing shortage in Canada persists.
Before the pandemic, the number of available homes nationally sat at a 14-year low and the number of months of inventory had fallen below four months, according to the Canadian Real Estate Association.
Inventory below four months puts the supply in “seller’s market territory,” the association says. Inventory refers to the number of months it would take for the current supply of homes on the market to be sold at the existing pace.
In June, the Canadian Real Estate Association reported the national inventory of available homes was close to two months, reflecting an “unprecedented imbalance of supply and demand.” National inventory hit a record low of 1.7 months in March, compared with the long-term average of more than five months.
“At a time where so many markets are struggling with historically low inventory, sales activity depends on a steady stream of new listings each month,” the association says.