Greater Toronto is the Fastest Cooling Real Estate Market in Canada
Hottest Real Estate Market in Canada of last year is the fastest cooling market of this year. CREA i.e Canadian Real Estate Association show majority of real estate markets saw the SNLR i.e sales-to-new listings ratio decline in April.
There were very few real estate markets which are seeing rise in ratio, all located in the East of Toronto. Greater Toronto is the fastest cooling real estate market in Canada.
SNLR i.e Sales-To-New Listings Ratio
SNLR is an indicator which CREA uses to determine seller’s and buyer’s market. When SNLR becomes between 40 and 60%, market is considered to be much balanced. Above to the range is the seller’s market. This is the range where sellers start demanding big concessions, like hike in prices.
Below to the range is the buyer’s market. This is range where buyers start demanding big concessions, like low in prices. Over the last 10 years, Canadian real estate markets have average around 53.4%.
Indicator is too helpful, but it is not perfect. When the indicator moves quickly, the “sellers” or “buyer’s” labels may not be appies. Sometimes this indicator makes brief pit stop into the range, before heading to the place where it is required.
Canadian Real Estate Markets With Fastest Rising SNLR
Regions with fastest rising SNLR are all of the Eastern regions of Greater Toronto. Ottawa is one of the fastest rising real estate markets with SNLR of around 67.6%, up by 17.16% as comparatively to the last year.
Halifax has second fastest rising SNLR with 60.7%, up by 14.96% as comparatively to the last year. Montreal is on the third position with a ratio of around 65.9%, up by 14.01% from the last year. All of these real estate markets did a big jump, but all of them climbed into the market territory of seller.