Major Cities Report
Price Pressure Continues on Lower-Prices Housing the Capital Regional District.
A total of 755 properties sold in the Victoria Real Estate Board region this May, 25 percent fewer than the 1,006 properties sold in May of last year. The sales of condominiums were down 17.4 percent from last year in May with 237 units sold. Sales of single-family homes were down 23 percent from 2017 with 406 sold this May.”It’s no surprise that our current market is very different than it was last year,” says Victoria Real Estate Board President Kyle Kerr. The MLSÂ® Home Price Index benchmark value for a single-family home in the Victoria Core in May 2017 was $820,800, while the benchmark value for the same home in May 2018 increased by 7 percent to $878,100.
Home Sales Down, Listings up Across Metro Vancouver
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totaled 2,833 in May 2018, a 35.1 percent decrease from May 2017.There were 6,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing ServiceÂ® (MLSÂ®) in Metro Vancouver in May 2018. This represents a 5.5 percent increase compared to the 6,044 homes listed in May 2017. The total number of properties currently listed for sale on the MLSÂ® system in Metro Vancouver is 11,292, a 38.2 percent increase compared to May 2017 (8,168) The total number of listings available today is 17.2 percent below the 10-year May average. For all property types, the sales-to-active-listings ratio for May 2018 is 25.1 percent. By property type, the ratio is 14.7 percent for detached homes, 30.8 percent for townhomes, and 41.7 percent for condominiums. The MLSÂ® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,094,000. This is an 11.5 percent increase over May 2017.
Lending Conditions Weigh on Housing Demand
May sales activity continues to ease with the largest declines occurring in the detached sector. Additional gains in new listings continue to increase inventory levels. City-wide sales activity in May totaled 1,726 units and is 19 percent below last years’ levels. This is 24 percent below long-term averages. Sales activity in the detached sector declined to levels not seen in over a decade. “The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types,” said CREBÂ® chief economist Ann-Marie Lurie. Market supply has not adjusted to sales activity and is pushing months of supply to 4.9 months.
Month Over Month Sales Volumes Continue to Increase
In the Edmonton Census Metropolitan Area (CMA) in May 2018, month over month unit sales increased in all property categories. Year over year unit sales for single-family homes decreased 3.86%, condominium sales increased 1.12% and duplex/rowhouse sales decreased 12.06%. In total, there was 1,776 MLSÂ® System listed properties sold in May 2018, which is a decrease of 3.64% compared to May 2017. The average price of a single-family home was $442,348, an increase of 3.08% month over month and an increase of 0.40% year over year.
Annual Rate of Decline Slows
Greater Toronto Area REALTORSÂ® reported 7,834 sales through TREB’s MLSÂ® System in May 2018. This result was down by 22.2 percent compared to May 2017. While the number of sales was down year-over-year, the annual rate of decline was less than reported in February, March, and April, when sales were down by more than 30 percent. Supply of homes available for sale continued to be an issue. New listings were down by 26.2 percent. The fact that new listings were down by more than sales in comparison to last year means that competition increased between buyers. Recent polling conducted by Ipsos for TREB suggests that listing intentions are down markedly since the fall. The MLSÂ® Home Price Index (HPI) Composite Benchmark was down by 5.4 percent year-over-year. The average selling price for all home types combined was down by 6.6 percent to $805,320.