Major Cities Report
Had a strong 2017, but moving to a balanced market
“Overall, the low inventory and the continued interest in Victoria real estate meant that well-priced homes were quick to sell in 2017. Moving forward, we expect to see more inventory come into the market, which will continue to move us toward a more balanced state,” adds President Balabanian. “We also expect housing prices to remain stable, without the increases we tracked in 2016, and anticipate steady slow growth. In markets like these, it’s important to enlist the services of a REALTORÂ® to help you navigate what may be your largest transaction ever.”
Steady sales and diminished listings characterize 2017 for the Metro Vancouver housing market
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing ServiceÂ® (MLSÂ®) in 2017, a 9.9 per cent decrease from the 39,943 sales recorded in 2016, and a 15 per cent decrease over the 42,326 residential sales in 2015.
Last yearâ€™s sales total was, however, 9.7 per cent above the 10-year sales average.
â€œIt was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,â€ Jill Oudil, REBGV president said. â€œMetro Vancouver home sales were the third highest weâ€™ve seen in the past ten years while the home listings total was the second lowest on record for the same period.â€
December sales activity rises again but so does supply.
Sales activity for all product types improved in December and pushed monthly sales to long-term averages for the second month in a row. However, new listings also rose, keeping inventory elevated compared to typical levels for December. With more supply remaining compared to sales, benchmark prices edged down for the fifth consecutive month. â€œMany of the economic indicators continue to post modest improvements, including improving sales. However, demand gains have not outpaced the additional supply coming into the housing market. This is creating some of the bumpiness in terms of price recovery,â€ said CREBÂ® chief economist Ann-Marie Lurie, who added that prices have stayed comparable to last year.
Stable prices and increased sales in the 2017 real estate market
The Edmonton Census Metropolitan Area (CMA) real estate market marked a year of overall stability in 2017. All residential year-to-date unit sales were up 1.50%. In total, 16,441 residential units were reported sold in 2017 as compared to 16,198 in 2016.
Year-to-date prices were also consistent with modest increases throughout 2017. Average single family home prices increased 0.77% to $437,744 and average duplex/rowhouse prices increased 0.12% to $348,225, while average condominium prices decreased 0.96% to $248,130.
Sales slow due to government policy
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORSÂ® reported 92,394 sales through TREBâ€™s MLSÂ® System in 2017. This total was down 18.3 per cent compared to the record set in 2016.
â€œMuch of the sales volatility in 2017 was brought about by government policy decisions. Research from TREB, the provincial government and Statistics Canada showed that foreign home buying was not a major driver of sales in the GTA. However, the Ontario Fair Housing Plan, which included a foreign buyer tax, had a marked psychological impact on the marketplace. Looking forward, government policy could continue to influence consumer behavior in 2018, as changes to federal mortgage lending guidelines come into effect,â€ said Mr. Syrianos.