Sellers Swarm Canada's Housing Market — Especially in These Cities

Sellers Flood the Market
Sellers are rapidly increasing inventory in Canada's major cities, giving buyers more bargaining power. Despite a slight interest rate cut by the Bank of Canada, which encouraged some buyers, new listings continue to outpace sales.

Toronto

• New Listings: Up 9.3% from May, with 18,000 new units.
• Active Listings: Surge to a 14-year high, up 68% from last year.
• Prices: Down 4.6%, with condos experiencing a 4.7% drop.

Vancouver

• New Listings: Jumped 9.5% from May.
• Prices: Composite MLS benchmark up 0.5% year-over-year, with monthly prices falling for the first time since November.

Montreal

• Sales: Rose 4% in June, but inventory up 24% from last year.
• Prices: Expected to remain stable due to rising inventories.

Market Outlook
Experts suggest it may take further interest rate cuts to boost activity and prices significantly.