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, outpacing home sales significantly. While some smaller markets like Thunder Bay and Saint John showed stronger ratios, major markets like Greater Vancouver and Greater Toronto experienced substantial declines, with SNLRs of 28.3% and 31%, respectively. Overall, demand pressures are rapidly eroding, despite expectations for market improvement.