In a new analysis of housing markets nationwide, real estate information portal Zoocasa culled data from local real estate boards to calculate sales-to-listings ratios – and find out which markets are the best for home buyers and sellers alike.
To evaluate these metrics, a high percentage indicates a large proportion of listed homes selling out (a sellers’ market), while a lower ratio points to would-be buyers having more choices (a buyers’ market). A balanced market has a percentage anywhere between 40% and 60%.
Zoocasa emphasized that buyers’ markets are not necessarily the most affordable, only those with the lowest likelihood of competitive hurdles like bidding wars. On the other hand, sellers’ markets abound with multiple offers for the same property due to sustained demand.
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Canada’s top buyers’ markets are as follows, with the sales-to-listings ratios indicated as well:
- Newfoundland and Labrador (35%, average home price of $254,533)
- Greater Vancouver (43%, average home price of $1,024,282)
- Fraser Valley (45%, average home price of $770,734)
- Edmonton (48%, average home price of $376,429)
- Quebec CMA (49%, average home price of $268,897)
Meanwhile, sellers in these markets can expect more traffic compared to other locations in Canada:
- London and St. Thomas (78%, average home price of $363,727)
- Montreal (73%, average home price of $392,660)
- Ottawa (72%, average home price of $405,279)
- Windsor-Essex (71%, average home price of $305,983)
- Saguenay CMA (70%, average home price of $193,646)