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FEBRUARY HOUSING MARKET UPDATE
Lowest February inventory since 2006 Consistent with typical seasonal behavior sales, new listings and inventory levels all trended ...
July sales totaled 2,319 units, which is well above long-term averages and the best July on record. The pace of sales growth has eased over the past few months, but so too has the pace of new listings growth. This has helped prevent any further monthly gains in inventory levels, and while overall supply remains slightly higher than last July, it’s mostly due to gains in apartment and row product.
With 6,678 units in inventory in July, the months of supply rose to just under three months. These gains are leading to far more balance between sellers and buyers. However, there is a significant variation between product type, as the months of supply ranged from two months in the detached sector to nearly six months in the apartment condominium sector.
“Over the past several months, we have seen housing market conditions trend toward more balanced conditions,” said CREB® Chief Economist Ann-Marie Lurie. “This eased some of the upward pressure on prices, as prices are starting to stabilize following steep gains that occurred in the first half of the year.”
Benchmark prices in the city reached $460,100, slightly higher than last month and nearly 10 per cent higher than last July. Price growth has been the highest in the detached sector, which currently sits 11 per cent above last year’s price and has finally recovered from previous highs in 2014.
HOUSING MARKET FACTS
Both sales and new listings trended lower relative to last month, but remained higher than last year’s levels. Sales are still at record levels, but with only 1,822 new listings coming onto the market in July, the sales-to-new-listings ratio remained relatively high at 78 per cent.
Slower sales relative to the inventory levels also caused the months of supply to trend up. With just over two months of supply conditions remain relatively tight. However, this is an improvement relative to the past five months. Activity also varies by price range, with homes priced below $500,000 still facing tight market conditions with less than two months of supply.
Prices continued to trend up this month over last month. At a city-wide benchmark price of $539,900, prices are 11 per cent higher then last year’s levels. Prices have been on the rise in every district, but it is only the City Centre that is reporting prices below the 2014 high.
While sales activity did slow in some districts compared to last year, overall year-to-date levels remain at historic highs. While new listings are higher than last year’s levels, they trended down enough compared to last month to cause a slight monthly decline in inventory levels. With 209 sales and 577 units in inventory, the months of supply rose to nearly three months. This is still lower than levels recorded last year, but much higher than the extremely tight conditions recorded over the first half of the year.
Benchmark prices continue to rise over last month, but like other property types, at a slower pace. Nonetheless, at a benchmark price of $428,400 in July, levels are nearly ten per cent higher than last year and have recovered from previous highs. While price gains have occurred across most districts, on a year-to-date basis, they have not yet fully recovered from previous highs in the City Centre, North East, South and East districts.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.