Have you noticed the “for sale” signs in your neighbourhood — or, more like, the lack of “for sale” signs?
According to the Canadian Real Estate Association, home listings are at a 20-year low. The CREA’s most recent numbers from the first quarter of 2023 show a little more than 650,000 homes were listed for sale across the country.
There are fewer houses for sale now than there were through the height of COVID shutdowns. In the preceding four years, it was normal to see more than 800,000 home listings across the country, per quarter. In the second quarter of 2022, there were nearly 900,000 listings in Canada, so the decline has been quick — and steep.