Canada’s sales-to-new-listings ratio now sits at 0.51 — balanced territory
New listings dropped 1.6% nationally in July — and in Toronto specifically, they’re down 17.8% year over year, per RBC Economics.
That’s the real story behind the “market turnaround” headlines: this isn’t demand exploding, it’s supply retreating after three years of inventory buildup in Ontario and BC.
Canada’s sales-to-new-listings ratio now sits at 0.51 — balanced territory, a meaningful shift after years of buyer’s-market conditions in the hardest-hit regions.
The risk: if sellers regain confidence and list again, that emerging floor under prices gets tested. Watch new listings as closely as sales over the next few months.
Source: RBC Economics, “Focus on Canadian Housing” (Robert Hogue), Aug 18 2026.
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