There’s been a lot of talk about the Canadian real estate market cooling off recently. Housing prices hit their peak in March and the past three months are were not as crazy as it was in the first quarter of 2021. Statistical Data from the Canadian Real Estate Association (CREA) shows that “the national Sales-to-New-Listing Ratio (SNLR) fell in June.” [1] Overall, the data is showing that “buyers are dropping out of the market faster than sellers. Most markets are now displaying this trend which generally cools prices as well.” [1]

In Real Estate, the SNLR is a measure of how many properties are put up for sale versus how many are being purchased in the same given time period. The general guideline in the industry and examples are as follows: 

It’s a Buyer’s Market when you have 40 or less properties sold and 100 new listings come on to market within the past month. (When SNLR is 40% or less = Buyer’s market)

It’s a Seller’s Market when you have 60 or more properties sold and 100 new listings come on to market within the past month (When SNLR is 60% or more = Seller’s market)

It’s a Balanced Market when you are between 41-59 properties sold (sales) and 100 listings come on to market within the past month, (When SNLR is 41-59% = balanced market)

What’s been happening is Canadian real estate markets are seeing the SNLR fall. [1]Here are highlights from my three favourite cities:

HALIFAX is the fastest cooling real estate market: makes sense as it was the fastest growing and selling for the past year. Halifax went from 61.2% to 44.3% in a month. [1]

TORONTO has one of the lowest SNLRs in Canada. The GTA’s SNLR fell from 68.5% to 63.9% in June, the sixth-lowest SNLR in the country [1]

VANCOUVER had the Third Lowest SNLR for Canadian real estate Markets. Greater Vancouver fell from to 64% to 60.3% in June [1]

For more SNLR ratio data for other Canadian cities, check out the full article HERE.

Honestly, I am not convinced that in the drop in SNLR in recent months means that the market is actually cooling. Remember that summer is the off-season for buying homes: Canadians are going to soak up as much sun as we can get! After over a year of restrictions due to the pandemic, Canadians are catching up on life. YES, buyers are disappearing…to the beach and taking a break from house hunting – wouldn’t you?

Once the borders open up (Aug 9!), the real estate industry anticipates that the market will remain strong and busy in the Fall buying season to come.

Toronto Stats this Past week

 MLS activity from July 14 to 20 for residential properties: 

For Sale:


Newly Listed:


↑ Sold:


↓For Rent:


 Compare the above to the week before from July 7 to 13 when there were
5,536 for sale, 1,101 newly listed, 377 sold & 6,008 for rent.

ANSWER THIS: What’s the SNLR ratio from the Toronto stats this past week? 


Today’s newest listings


Under $950k $950k to $1.2M $1.2M to $1.6M
$1.6M to $2M $2M to 3M Over $3M



Under $500k $500k to $600k $600k to $700k
$700k to $800k $800k to $1M Over $1M



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