By Metro: Toronto, Vancouver, Hamilton, Calgary, Ottawa, Montreal, Quebec City, Halifax, Victoria, Edmonton, Winnipeg.

By Wolf Richter for WOLF STREET.

Home sales in Canada rose by 2.8% seasonally adjusted in November from October, the fourth month in a row of increases, and roughly back to pre-pandemic levels. Compared to the frozen volume in November last year, home sales jumped by 26%. But volume was still more than 20% below the same months in 2020 and 2021.

New listings inched down by 0.5% from the prior month. But inventory at 160,000 listings, was still 8.9% higher than a year ago, according to the Canadian Real Estate Association (CREA) today. Supply inched down to 3.7 months in November, from 3.8 months in October.

Prices of single-family properties in Canada were roughly unchanged month-to-month and were down 0.3% year-over-year — the eighth month in a row of year-over-year declines. Since the peak in March 2022, prices dropped by 17.4%, and are back where they’d first been in August 2021, according to the Canada MLS Home Price Index for single-family benchmark properties. All prices here are actual, not seasonally adjusted, in Canadian dollars.

Prices of condos in Canada fell 0.7% in November from October and 3.9% year-over-year, the seventh month in a row of year-over-year declines, to a new three-year low of November 2021. Since the peak in April 2022, the index has dropped by 12.6%.

Home prices by metro in Canada.

Greater Toronto Area, single-family MLS Home Price Benchmark Index:

• Month-to-month: +0.1% to $1,282,100; near September 2021
• From peak in February 2022: -19.1%
• Year-over-year: -0.3%, seventh year-over-year decline in a row.

Greater Toronto Area, condo benchmark price:

• Month-to-month: -0.1% to $649,200, lowest since October 2021.
• From peak in April 2022: -17.2%
• Year-over-year: -5.0%, with year-over-year declines in 22 of the past 23 months.

Hamilton-Burlington metro single family benchmark price (part of the “Greater Toronto and Hamilton Area”):

• Month-to-month: -0.2% to $892,800, just above July 2021
• From peak in February 2022: -22.8%
• Year-over-year: +3.5%.

Hamilton-Burlington metro condo benchmark price: 

• Month-to-month: -2.4% to $519,000, a new 3-year low, lowest since September 2021.
• From peak in April 2022: -18.0%
• Year-over-year: -5.1%.

Greater Vancouver single-family benchmark price:

• Month-to-month: -0.2%, at $1,996,100.
• From peak in April 2022: -4.7%
• Year-over-year: +1.0%.

Greater Vancouver condo benchmark price:

• Month-to-month: -0.6%, to $752,800, just above February 2022.
• From high in April 2024: -3.3%; from high in April 2022: -2.5%
• Year-over-year: -1.2%, fifth year-over-year decline in a row.

Victoria, single-family benchmark price:

• Month-to-month: unchanged at $1,157,500, just above December 2021
• From peak in April 2022: -10.4%
• Year-over-year: +1.1%.

Victoria condo benchmark price:

• Month-to-month: -0.5%, to $546,400, below December 2021.
• From high in May 2022: -10.9%
• Year-over-year: -4.0%, fifth year-over-year decline in a row.

Ottawa, single family benchmark price:

• Month-to-month: -0.3% to $722,400, below April 2021
• From peak in March 2022: -12.0%
• Year-over-year: +2.1%.

Ottawa, condo benchmark price:

• Month-to-month: -0.3% to $406,200, below April 2021
• From peak in March 2022: -11.2%
• Year-over-year: -3.7%.

Calgary, single family benchmark price:

• Month-to-month: -0.1%, to $680,200, fourth month-to-month decline after huge two-year spike.
• Year-over-year: +7.0%, the smallest gain since July 2023.

Calgary, condo benchmark price:

• Month-to-month: -1.2%, to $342,300. Third month in a row of sharp declines after gigantic spike.
• Year-over-year: +7.7%, the smallest since January 2022.

Montreal, single family benchmark price:

• Month-to-month: -0.2%, to $640,500.
• From peak in May 2022: -0.7%
• Year-over-year: +6.4%.

Halifax-Dartmouth, single family benchmark price:

• Month-to-month: -2.1% to $536,800
• From peak in April 2022: -7.4%
• Year-over-year: +3.7%.

Halifax-Dartmouth, condo benchmark price:

• Month-to-month: -3.3% to $456,500
• From peak in April 2022: -4.6%
• Year-over-year: -0.8%.

Edmonton, single-family benchmark price:

• Month-to-month: -0.3% to $458,700, same as in April 2022.
• Year-over-year: +9.7%
• In the 17 years since the peak of the prior bubble in June 2007, the index is up 16%.

Edmonton, condo benchmark price:

• Month-to-month: -1.0% to $194,100, first seen in 2007.
• From peak in June 2007: -19.6%
• Year-over-year: +10.9%

Quebec City Area, single-family benchmark price:

• Month-to-month: +3.2% to $434,500
• Year-over-year: +12.4%

Winnipeg, single-family benchmark price:

• Month-to-month: -0.2% to $380,200
• From peak in March 2022: -2.0%
• Year-over-year: +9.3%

And here is the US equivalent: The Most Splendid Housing Bubbles in America, November Update: Prices Drop in All 33 Big Metros, Most in Austin, Tampa, Dallas, San Antonio: From 2022 peaks: Austin -22%, San Francisco -10%, Phoenix -9%, San Antonio -8%, Denver -7%, Salt Lake City -6%, Sacramento -6%, Portland -6%, Dallas -6%, Seattle -5%, Honolulu -5%…

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