The Canadian market hasn’t seen such a shortage of listings since 2007.

With strong job prospects, low mortgage rates and population growth, real estate inventory is flying off the shelves and not enough new inventory is being built to replenish supply. More cities, including Vancouver and Victoria are likely heading towards, or already are in, a seller’s market once again.

“Essentially, after a couple of challenging years for housing, the market has picked itself up, brushed itself off, and is now looking at steady gains ahead,” wrote Bank of Montreal chief economist Douglas Porter in late December 2019.

With home sales momentum showing no signs of fading in 2020, all eyes will be on the supply side of the market. Can developers and builders catch up and keep up?