{"id":28510,"date":"2026-09-24T11:11:23","date_gmt":"2026-09-24T18:11:23","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=28510"},"modified":"2026-09-25T08:58:04","modified_gmt":"2026-09-25T15:58:04","slug":"snlr-holds-steady-most-national-housing-markets-are-still-considered-balanced","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2026\/09\/snlr-holds-steady-most-national-housing-markets-are-still-considered-balanced\/","title":{"rendered":"SNLR Holds Steady, Most National Housing Markets are Still Considered Balanced"},"content":{"rendered":"<p style=\"text-align: justify;\">Home sales across Canada were down 0.7% in August month over month, while new listings climbed 3.3%, according to the Canadian Real Estate Association\u2019s (CREA) latest report. As shaky economic conditions persist, CREA experts said this could be the first sign of a market slowdown this fall.<\/p>\n<p style=\"text-align: justify;\">\u201cSales activity and price trends were largely unchanged for a fourth consecutive month in August,\u201d CREA\u2019s Senior Economist Shaun Cathcart said. \u201cWhat has changed is the broader economic environment, with the Bank of Canada recently warning of rising inflation risks, along with doubts about the durability of recent economic growth.\u201d<\/p>\n<p style=\"text-align: justify;\">For the housing market, this uncertainty has led to higher fixed mortgage rates and a rate hike being factored in for variable mortgage rates by the end of this year.<\/p>\n<p style=\"text-align: justify;\">\u201cThis fresh round of incoming headwinds is expected to dampen the prospects for further housing market momentum heading into 2027,\u201d Cathcart said.<\/p>\n<p style=\"text-align: justify;\"><strong>Southern Ontario Sales Slow Down in August<\/strong><\/p>\n<p style=\"text-align: justify;\">August sales decreased less than 1% month over month, but nearly 7% year over year.<\/p>\n<p style=\"text-align: justify;\">Although several areas across Canada saw closed sales decrease, southern Ontario faced some of the most consistent non-seasonally adjusted declines, with Ottawa leading the pack.<\/p>\n<p style=\"text-align: justify;\"><em>\u2022 Ottawa : 19.6% decline y-o-y<\/em><br \/>\n<em>\u2022 London &amp; St Thomas : 14.9% decline y-o-y<\/em><br \/>\n<em>\u2022 Kitchener-Waterloo : 11.9% decline y-o-y<\/em><br \/>\n<em>\u2022 Hamilton-Burlington : 11.1% decline y-o-y<\/em><br \/>\n<em>\u2022 Niagara Region : 3.7% decline y-o-y<\/em><br \/>\n<em>\u2022 Greater Toronto Region : 2.1% decline y-o-y<\/em><\/p>\n<p style=\"text-align: justify;\">Paired with 215 fewer home sales, prices in Ottawa increased 0.5% year over year to $716,254. Meanwhile, the London &amp; St Thomas areas experienced the largest price decrease of any city in the report at 12% down, or $599,326.<\/p>\n<p style=\"text-align: justify;\"><strong>New Listings Skyrocket in Quebec, Taper Off in Other Areas<\/strong><\/p>\n<p>Alongside lower sales, new listings increased 3% month over month, although they declined 3% year over year\u2013but that\u2019s not the case for all areas.<\/p>\n<p style=\"text-align: justify;\">The largest year-over-year new listing increases were mostly focused in Quebec, particularly in the southern region.<\/p>\n<p style=\"text-align: justify;\"><em>\u2022 Sherbrooke CMA : 366 new listings, 56.4% increase y-o-y<\/em><br \/>\n<em>\u2022 Saguenay CMA : 235 new listings, 37.4% increase y-o-y<\/em><br \/>\n<em>\u2022 Trois Rivi\u00e8res CMA : 216 new listings, 35% increase y-o-y<\/em><br \/>\n<em>\u2022 Quebec CMA : 1,155 new listings, 26% increase y-o-y<\/em><br \/>\n<em>\u2022 Gatineau CMA : 933 new listings, 24.9% increase y-o-y<\/em><br \/>\n<em>\u2022 Montr\u00e9al CMA : 6,373 new listings, 8.2% increase y-o-y<\/em><\/p>\n<p style=\"text-align: justify;\">While Quebec did see a large percentage increase in its new listings, several of the markets were smaller. Larger markets across Canada saw their listings decrease, especially in Fraser Valley (18.3% decrease y-o-y), Hamilton-Burlington (12.9% decrease y-o-y), Niagara Region (15.6% decrease y-o-y) and the GTA (14.1% decrease y-o-y). Each of these markets lost hundreds of listings year over year, including almost 2,000 in Toronto.<\/p>\n<p style=\"text-align: justify;\">That being said, the month-over-month increase is still a positive sign, according to CREA officials.<\/p>\n<p style=\"text-align: justify;\">\u201cThe noticeable increase in new supply in August was both broad based across all the largest markets and most apparent towards the end of the month. This suggests sellers were looking to get an early start to the fall market, particularly given how late Labour Day was this year,\u201d CREA Chair Garry Bhaura said.<\/p>\n<p style=\"text-align: justify;\">On a year-over-year basis, declining listings are generally a sign of increased uncertainty in the market, with homeowners unlikely to move for fear of selling at a loss or landing a higher mortgage rate. This is likely to continue as fixed and variable mortgage rates rise, making borrowing more costly.<\/p>\n<p style=\"text-align: justify;\"><strong>SNLR Holds Steady in August Across Canada<\/strong><\/p>\n<p style=\"text-align: justify;\">A notable metric included by CREA is the sales-to-new-listings (SNLR) ratio, which weighs supply and demand in the market. A SNLR of 45%-65% is considered balanced, while dipping below 45% means sellers have an advantage, and rising above 65% gives buyers more power.<\/p>\n<p style=\"text-align: justify;\">In August, the SNLR across Canada was 49.1%, a slight decline from 51.1% in July. Locally, some of the largest year-over-year shifts in the SNLR were in Quebec, with several markets moving from buyer\u2019s markets to balanced markets.<\/p>\n<p style=\"text-align: justify;\">London &amp; St Thomas shifted firmly into seller territory at 36.1%, while Toronto actually saw a 5.1% increase to 41.9%, most likely driven by fewer new listings.<\/p>\n<p style=\"text-align: justify;\">Most markets across Canada are still considered balanced markets, but it\u2019s clear the tides may be changing as some areas are hit with the impacts of market uncertainty harder than others.<\/p>\n<p style=\"text-align: justify;\"><strong>Economic Uncertainty isn\u2019t The Whole Story<\/strong><\/p>\n<p style=\"text-align: justify;\">On the heels of a few solid months of growth, August\u2019s numbers cast a shadow that could mean a more tumultuous housing market this fall. Rising oil prices and tariffs paired with shaky economic growth could result in increased rate hikes, discouraging new buyers from borrowing and existing homeowners from taking the risk of a higher mortgage rate.<\/p>\n<p style=\"text-align: justify;\">Even so, some people will always need to make the move, regardless of economic conditions\u2013and CREA experts are still expecting to have the typical increase in housing activity this fall. This means buyers could still have a chance to find their dream home, even in light of ongoing challenges.<\/p>\n<p style=\"text-align: justify;\">\u201cFor buyers, [more new listings] will mean the usual seasonal burst of new properties to choose from, but at the same time they also have to contend with a fresh round of economic uncertainty,\u201d Bhaura said. \u201cIf you\u2019re thinking about buying or selling a property in this evolving market, get in touch with a REALTOR\u00ae in your area today.\u201d<\/p>\n<p><a href=\"https:\/\/www.zoocasa.com\/blog\/crea-august-2026\/\" target=\"_blank\" rel=\"noopener\">CREA : National Home Sales Dip in August as Market Braces for Impact<\/a> by Grace Dickens | zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home sales across Canada were down 0.7% in August month over month, while new listings climbed 3.3%, according to the Canadian Real Estate Association\u2019s (CREA) latest report. As shaky economic &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2026\/09\/snlr-holds-steady-most-national-housing-markets-are-still-considered-balanced\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-28510","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SNLR Holds Steady, Most National Housing Markets are Still Considered Balanced &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2026\/09\/snlr-holds-steady-most-national-housing-markets-are-still-considered-balanced\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SNLR Holds Steady, Most National Housing Markets are Still Considered Balanced &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home sales across Canada were down 0.7% in August month over month, while new listings climbed 3.3%, according to the Canadian Real Estate Association\u2019s (CREA) latest report. 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