Canadian Real Estate Sales Drop Over 12%, Vancouver’s Decline Is Almost 3x Larger

Dated: December 24 2018

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Canadian Real Estate Sales Drop Over 12%, Vancouver’s Decline Is Almost 3x Larger

Canadian real estate sales are still dropping. Canadian Real Estate Association (CREA) numbers show home sales falling in November. Last month, only three major real estate markets saw increase on a year over year basis. The rest saw declines, especially in major markets like Vancouver – which led the way lower.

Canadian Real Estate Sales Drop Over 12%

Canadian real estate sales are still falling, and fast. CREA reported 33,318 sales in November, down 15.25% from the month before. Sales across the country are now down 12.54%, when compared to the same month last year. The decline is the eleventh consecutive month for declines, and is likely to continue.

Canadian Real Estate Sales

The unadjusted sales for all home types, as reported through the Canadian MLS.

SalesJan 2015Mar 2015May 2015Jul 2015Sep 2015Nov 2015Jan 2016Mar 2016May 2016Jul 2016Sep 2016Nov 2016Jan 2017Mar 2017May 2017Jul 2017Sep 2017Nov 2017Jan 2018Mar 2018May 2018Jul 2018Sep 2018Nov 2018010,00020,00030,00040,00050,00060,00070,000Sales
MonthSales
Jan 201523,289
Feb 201532,898
Mar 201545,527
Apr 201552,982
May 201556,545
Jun 201557,380
Jul 201550,036
Aug 201543,103
Sep 201542,615
Oct 201541,981
Nov 201536,846
Dec 201527,488
Jan 201625,292
Feb 201638,856
Mar 201650,773
Apr 201658,106
May 201661,412
Jun 201660,132
Jul 201648,577
Aug 201647,419
Sep 201644,332
Oct 201642,537
Nov 201637,178
Dec 201626,158
Jan 201725,534
Feb 201737,754
Mar 201754,290
Apr 201753,796
May 201760,594
Jun 201753,344
Jul 201742,599
Aug 201742,769
Sep 201739,446
Oct 201740,691
Nov 201738,095
Dec 201727,206
Jan 201824,931
Feb 201831,356
Mar 201841,983
Apr 201846,344
May 201850,640
Jun 201847,413
Jul 201841,872
Aug 201841,151
Sep 201835,939
Oct 201839,313
Nov 201833,318

Source: CREA, Better Dwelling.

The growth of Canadian real estate sales have been trending lower for years. Last month was the slowest November since 2013, and the largest annual decline since 2008. Sales have continued to trend lower from peak growth seen in February 2016. Maybe Santa will give everyone a condo for Christmas.

Canadian Real Estate Sales Change

The annual percent chage of unadjusted sales for all home types, as reported through the Canadian MLS.

UnadjustedJan 2008May 2008Sep 2008Jan 2009May 2009Sep 2009Jan 2010May 2010Sep 2010Jan 2011May 2011Sep 2011Jan 2012May 2012Sep 2012Jan 2013May 2013Sep 2013Jan 2014May 2014Sep 2014Jan 2015May 2015Sep 2015Jan 2016May 2016Sep 2016Jan 2017May 2017Sep 2017Jan 2018May 2018Sep 2018-60-40-20020406080Percent Change
MonthUnadjusted
Jan 2008-8.57
Feb 2008-8.78
Mar 2008-18.94
Apr 2008-7.04
May 2008-17.41
Jun 2008-15.35
Jul 2008-12.25
Aug 2008-20.83
Sep 2008-3.49
Oct 2008-27.27
Nov 2008-42.32
Dec 2008-32.86
Jan 2009-40.51
Feb 2009-31.47
Mar 2009-13.97
Apr 2009-11.58
May 2009-0.86
Jun 200917.67
Jul 200918.69
Aug 200918.69
Sep 200917.31
Oct 200941.73
Nov 200972.75
Dec 200972.65
Jan 201056.26
Feb 201044.22
Mar 201040.3
Apr 201020.4
May 2010-4.63
Jun 2010-19.88
Jul 2010-29.98
Aug 2010-19.85
Sep 2010-19.97
Oct 2010-21.62
Nov 2010-9.66
Dec 2010-14.63
Jan 2011-6.21
Feb 2011-5.53
Mar 2011-6.41
Apr 2011-14.69
May 20112.72
Jun 201111.2
Jul 201112.66
Aug 201116.12
Sep 201111.73
Oct 20119.03
Nov 20115.52
Dec 20114.76
Jan 20124
Feb 20128.66
Mar 20121.34
Apr 201210.99
May 20128.72
Jun 2012-4.71
Jul 20122.43
Aug 2012-8.87
Sep 2012-15.13
Oct 2012-0.86
Nov 2012-12.08
Dec 2012-17.59
Jan 2013-6.09
Feb 2013-16.81
Mar 2013-15.11
Apr 2013-3.36
May 2013-2.61
Jun 2013-0.55
Jul 20139.59
Aug 201311.35
Sep 201317.74
Oct 20138.09
Nov 20135.83
Dec 201312.27
Jan 20140.64
Feb 20143.2
Mar 20144.88
Apr 20140.35
May 20145.46
Jun 201411.53
Jul 20148.1
Aug 20142.32
Sep 201411.13
Oct 20147.57
Nov 20143.12
Dec 20148.61
Jan 2015-1.97
Feb 20152.67
Mar 20159.14
Apr 20159.9
May 20153.36
Jun 201510.96
Jul 20153.56
Aug 20153.93
Sep 20150.31
Oct 20150.33
Nov 201510.38
Dec 201510.26
Jan 20168.6
Feb 201618.11
Mar 201611.52
Apr 20169.67
May 20168.61
Jun 20164.8
Jul 2016-2.92
Aug 201610.01
Sep 20164.03
Oct 20161.32
Nov 20160.9
Dec 2016-4.84
Jan 20170.96
Feb 2017-2.84
Mar 20176.93
Apr 2017-7.42
May 2017-1.33
Jun 2017-11.29
Jul 2017-12.31
Aug 2017-9.81
Sep 2017-11.02
Oct 2017-4.34
Nov 20172.47
Dec 20174.01
Jan 2018-2.36
Feb 2018-16.95
Mar 2018-22.67
Apr 2018-13.85
May 2018-16.43
Jun 2018-11.12
Jul 2018-1.71
Aug 2018-3.78
Sep 2018-8.89
Oct 2018-3.38
Nov 2018-12.54

Source: CREA, Better Dwelling.

Quebec, London, And Montreal Real Estate See Biggest Gains

The markets with the largest gains for November were Quebec City, London, and Montreal. Quebec City reported 611 sales in November, up 18.2% – the largest jump in the country. London followed with 737 sales, up 6.3% from last year. Montreal came in third with 3,630 sales, up 6.1% from last year. By the way, these weren’t just the three with the biggest gains. They are the only major markets with a gain to report.

Canadian Real Estate Sales By Market

Canadian real estate sales in markets with more than 500 sales in 2017.

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Steven Axford

Steve Axford grew up in Victoria, BC and has always been active in his community. Steve is a Victoria Cougars Hockey Team alumni as well as a Victoria Shamrocks (intermediate) alumni. During his time....

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