Toronto & Vancouver Real Estate Demand Is Amongst The Weakest In Canada

Canadian real estate markets began the year with weak demand, as indicated by the sales to new listings ratio (SNLR), which fell to 41.0% in January, the lowest since 2019. New listings surged at eight times the rate of home sales, leading to an oversupply. The tightest markets were Thunder Bay, Saint John, and Sudbury, while Fraser Valley and Greater Vancouver showed significant weakness, with SNLRs of 25.4% and 28.3%, respectively. Greater Toronto also experienced historic lows at 31%. Despite expectations for market improvement, early data suggests ongoing demand challenges.