To find out exactly how inventory levels have changed over the course of a year, Zoocasa analyzed months of inventory and new listings data from November 2022 to November 2023 in Canada and the U.S. Months of inventory and new listings data for Canada was sourced from the Canadian Real Estate Association. Months of supply of single-family homes in the U.S. was sourced from the National Association of REALTORS\u00ae<\/a>. National single-family inventory in the U.S. was sourced from Altos Research, while new listings data for U.S. states was sourced from each state’s real estate board. <\/p>\n\n\n\n On a national level, the number of new listings entering the market increased from 49,001 in November 2022 to 54,140 in November 2023 – an impressive 10.5% increase. The 2023 low for national new listings was in January when new listings sat at just 47,025, while new listings reached their 2023 peak in May with 87,037 new listings. This increase in new listings helped edge up national months of inventory, which increased almost every month from November 2022 to November 2023. In November 2022, there were just 2.8 months of inventory for the country but by November 2023 months of inventory increased to 3.6 months. <\/p>\n\n\n\n Six markets outperformed the national increase of 10.5% in new listings from 2022 to 2023, with standout growths including Kitchener-Waterloo<\/a> at 21.1%, Niagara Region<\/a> at 20.9%, and Greater Toronto<\/a> at 18.4%. It’s not just new listings that have seen a surge in Toronto, but active listings too. A recent Zoocasa report<\/a> that analyzed inventory growth in the Greater Toronto Area revealed that the City of Toronto experienced a 42% jump in active listings from November 2022 to November 2023. <\/p>\n\n\n\n Yet among the 16 markets we analyzed, Calgary<\/a> experienced the largest growth in new listings, rising from 2,087 in November 2022 to 2,859 in November 2023. This represents a 37% year-over-year increase and is more than triple the national increase of 10.5%. Still, thanks to consistently strong sales, supply has yet to catch up with the ongoing demand in the region. <\/p>\n\n\n\n Only two markets we analyzed experienced a drop in new listings from 2022 to 2023, Winnipeg at -6.6% and Regina<\/a> at -6.5%. While the majority of markets experienced an increase from their January 2023 lows, Regina and Winnipeg\u2019s November figures hover slightly below, suggesting potentially tighter conditions in these markets.<\/p>\n\n\n\n Nationally, single-family inventory experienced minimal gains, inching up from 568,524 single-family homes in November 2022 to 569,898 single-family homes in November 2023. That represents just a 0.2% increase, however, for much of 2023 single-family inventory was below 500,000 so this showcases an improvement. When looking at national months of inventory it is also clear that conditions are stabilizing. In November 2022, national months of inventory for the U.S. sat at 3.4 months and grew to 3.7 months by November 2023, just slightly above Canada. <\/p>\n\n\n\n![\"\"](\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-274-1.png\")
<\/figure>\n\n\n\nNew Listings Up Year-Over-Year In Nearly Every Canadian Market <\/h1>\n\n\n\n
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![\"\"](\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/Frame-275-1.png\")
<\/figure>\n\n\n\nInventory Levels Show a Modest Rise in the U.S. <\/h1>\n\n\n\n