Major Cities Report
Market Remains Hot as Spring Trend Continues into Summer
A total of 910 properties sold in the Victoria Real Estate Board region this June, a 33.8% increase compared to the 680 properties sold in the same month last year. The Multiple Listing ServiceÂ® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $568,600. The benchmark value for the same home this month has increased by 4.61% to $594,800. There were 4,003 active listings for sale on the Multiple Listing ServiceÂ® at the end of June, 14.7% fewer than the 4,695 active listings in June 2014.
Metro Vancouver home sales set record pace in June
Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver. The REBGV reports that residential property sales in Metro Vancouver* reached 4,375 on the Multiple Listing ServiceÂ® (MLSÂ®) in June 2015. This represents a 28.4 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015. Last monthâ€™s sales were 29.1 per cent above the 10-year sales average for the month. Itâ€™s the fourth straight month with over 4,000 sales, which is a first in the REBGVâ€™s history. The MLSÂ® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3 per cent increase compared to June 2014. The sales-to-active-listings ratio in June was 35.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2006. A sellerâ€™s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900.
Calgary Inventory Levels Ease
Juneâ€™s sales were 18 per cent lower than the same month last year, new listings totalled 3,122 and prices were essentially flat. The second quarter figures show that the worst may be over with year-over-year declines in sales of 22 per cent, down from 32 per cent in the first quarter.
The apartment sector in Calgary is showing the greatest weakness in absorption rates, creating downward pressure on prices, although still 1.65 per cent above last yearâ€™s average on an adjusted basis.
Detached homes reached a benchmark price of $515,500, up 0.4 per cent from the same month last year; the year-to-date figure is 3.44 per cent higher than the same period last year.
Slower Market Beginning to Take a Turn
For the first time in 2015, the REALTORSÂ® Association of Edmonton recorded an increase in year-over-year reported sales for the month. June 2015 Census Metropolitan Area (CMA) had 2,008 reported sales for all residential properties, 2.4% over the 1,961 all residential sales reported in June 2014. This number includes 1,243 single family dwellings (2.1% more than 2014). Single family prices were up 2% year-over-year at $444,862 for June 2015. Condo prices continue to remain static at $255,662. Duplex/rowhouse are still popular and have seen price growth of 2% year over year. June prices have dropped slightly from May by 1.4% for single family, 0.1% for Condo and 0.8% for all residential.
Record Sales and Strong Price Growth in June
The average selling price for November transactions was up by 7.4% year-over-year to $577,936. The year-to-date average price was up by 8.4% to $567,198. The MLS(R) Home Price Index Composite Benchmark price for November was up by 7.7% compared to a year earlier.