Sales dropped in 7 of 10 every provinces, with the steepest declines occurring in Ontario (-20.0% m/m), Nova Scotia (-16.0% m/m), and B.C. (-14.5% m/m). In contrast, relatively strong gains were recorded in Newfoundland and Labrador (+6.0% m/m) and Alberta (+3.9% m/m).
Consistent with sales, new listings also declined, dropping by 5.4% m/m. Some of this decline may have reflected hesitancy on the part of potential sellers' to list their homes amid the 3rd wave of the pandemic. However, the comparatively steeper decline in sales brought the sales-to-new listings ratio lower to 75.2% – still deeply entrenched in sellers' territory. Meanwhile, the months' supply of inventory increased to 2.0 months – still extremely low.
Canadian average home prices dropped 3.7% month-on-month, although declines were only recorded in Ontario (-2.7% m/m), New Brunswick (-4.5% m/m), and Manitoba (-0.2% m/m). In contrast, near 3% month-on-month gains were recorded in Nova Scotia, PEI and Newfoundland and Labrador. Prices were up 41.9% year-on-year, although this is in comparison to the depths of the 1st wave last April.