Eastern Canada housing demand accelerated significantly last year

Data from the Canadian Real Estate Association showed that the sales-to-new-listing ratio (SNLR) enjoyed notable growth over the last year, with the largest gains posted by urban markets in the eastern half of the country.

This was especially apparent in Halifax, which continues to benefit from sustained market health and activity.

The SNLR in Halifax topped at 77.6% in November 2019, representing a 12.8% year-over-year upsurge. Indeed, this was the fastest annual increase nationwide during that month, Better Dwelling reported.

Inbound migration and scarce inventory helped propel home price and sales growth in Halifax this year, Royal LePage stated in its Q3 2019 market assessment. During the quarter, the city enjoyed a 1.6% annual increase in its aggregate home price to end up at $328,690.

“Halifax has seen the best year in real estate out of the past couple decades,” Royal LePage Atlantic broker of record Marc Doucet stated. “Low inventory was the only factor that slowed sales as buyers wait on more listings to become available.”

“Our province is appealing to Canadians from across the country, partly because the economy is not as dependent upon oil or manufacturing,” he added.

Other high-demand markets in Eastern Canada were Montreal (SNLR of 77.2%, up by 7.7% year-over-year) and Ottawa (SNLR of 77.1%, growing by 7.6%).

Ian Clark

Ian Clark is a graduate of The College of The North Atlantic's School of Business and is a Mortgage Broker with East Coast Mortgage Brokers. Prior to ECMB, Ian was brokering with Mortgage Alliance Provincial Mortgage Group. Ian is also an active member of Mortgage Professionals Canada, Canadian Mortgage Brokers Association, Canadian Progress Club and the Mount Pearl Paradise Chamber of Commerce.