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Tight Existing Home Market Persists in Toronto, Loosens Somewhat In Calgary

Sales of existing homes in 2014 were generally stable or down compared to a year ago in the major markets east of Saskatoon, with the notable exception of Toronto

Sales of existing homes in 2014 were generally stable or down compared to a year ago in the major markets east of Saskatoon, with the notable exception of Toronto. Vancouver posted the strongest year-over year increase (at 16%) which helped to pull down the months inventory into balanced territory (i.e. about five months).

Despite a double-digit increase in annual sales, Calgary saw an increase in months inventory. This was due to a surge in active listings in December and a reduction in the number of sales in that month, compared to the previous year. This market still has a limited supply of resale homes and some balancing is likely positive.

Regina and Winnipeg both saw an increase in months inventory and, alongside Ottawa, almost no change in the number of existing home sales.

Source: Based on Altus Group Housing Report, January 2015. For additional information, please contact Patricia Arsenault.

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