Inventory levels in major Canadian real estate markets have been dwindling over the past decade, with active listings in July running below the 10-year average in almost all markets surveyed based on Canadian Real Estate Association data and insights from the RE/MAX network. This, despite softer overall real estate activity, according to a report released today by RE/MAX Canada.

RE/MAX examined active listings in July from 2013 to 2022 in eight major Canada real estate markets—Greater Vancouver, Calgary, Winnipeg, Hamilton-Burlington, the Greater Toronto Area, Ottawa, Montreal (CMA) and Halifax-Dartmouth—and found inventory levels have fallen short of the 10-year average in seven of those markets in 2022. Double-digit declines are noted in Halifax-Dartmouth (65.5 per cent below the 10-year average); Ottawa (down by almost 42 per cent); Montreal (down 40 per cent from the nine-year average); Calgary (running 26 per cent below average inventory levels); Winnipeg (down 23 per cent), and Greater Vancouver (down 16 per cent). The housing inventory shortage was less-pronounced in the Greater Toronto Area, where supply was down almost seven per cent from the 10-year average. Hamilton-Burlington was the only market to buck the trend, reporting a nominal 3.2-per-cent increase over the 10-year average.