Major Cities Report
Victoria real estate activity picks up as restrictions ease
A total of 457 properties sold in the Victoria Real Estate Board region this May, 46.1 per cent fewer than the 848 properties sold in May 2019 but 59.2 per cent more than the previous month of April 2020. Sales of condominiums were down 55.7 per cent from May 2019 with 108 units sold. Sales of single family homes were down 42.9 per cent from May 2019 with 254 sold.
“Our market continues to respond to the current health crisis,” says Victoria Real Estate Board President Sandi-Jo Ayers. “Activity in real estate right now echoes the activity in our broader community – as restrictions gradually begin to lift – so too have our sales and listings numbers. Of course, like any industry, we do not expect a sudden shift back to any kind of normal.”
There were 2,544 active listings for sale at the end of May 2020, 15.7 percent fewer properties than the total available at the end of May 2019 but a 10.4 per cent increase from the 2,305 active listings for sale at the end of April 2020.
Home prices remain steady, buyers and sellers become more comfortable operating in today’s market
Metro Vancouver* home prices have remained steady since provincial health officials implemented physical distancing requirements in March.
The Real Estate Board of Greater Vancouver (REBGV) reports that the MLS® Home Price Index1 composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4% increase over the last three months, and a 2.9% increase compared to May 2019.
“Home prices have been stable during the COVID-19 period. While we’re seeing a variety of long-term projections for the market, it’s critical to understand the facts and trends as they emerge.”
Colette Gerber, REBGV Chair Residential home sales in the region totalled 1,485 in May 2020, a 43.7% decrease from the 2,638 sales recorded in May 2019 and a 33.9% increase from the 1,109 homes sold in April 2020. Last month’s sales were 54.4% below the 10-year May sales average.
COVID-19’s impact on Calgary housing market continues
Housing market activity in May remained slow, but sales exceeded the lows from April, which saw less than 600 sales in Calgary.
May sales totalled 1,080 units, a 44 % decline from last year’s figures.
“The initial shock of COVID-19 and social distancing measure is starting to ease. This is bringing some buyers and sellers back to the market. However, this market continues to remain far from normal and prices are trending down,” said CREB® chief economist Ann-Marie Lurie.
In the higher price ranges the drop in inventory has not been enough compared to the drop in sales. Additionally, the months of supply is far higher than the already elevated levels seen during the past five years.
Residential Unit Sales Up 54.27% from last month.
Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for May 2020 decreased 41.51% compared to May 2019 and increased 54.27% from April 2020. The number of new residential listings is down year over year, decreasing 20.88% and new residential listings are up month over month, increasing 58.83%. Overall inventory in the Edmonton CMA fell 18.63% from May of last year and increased 7.22% from April 2020.
For the month of May, single family home unit sales are down 38.70% from May 2019 and up 60.08% from April 2020. Condo unit sales decreased 54.47% from May 2019 and increased 28.14% from April 2020.
May 2020 sales increased by 55.2% compared to April 2020.
Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7% compared to May 2019. While the number of sales was down substantially on a year-over-year basis due to the continued impact of COVID-19, the decline was less than the 67.1% year-over-year decline reported for April 2020.
On a month-over-month basis, actual and seasonally adjusted May sales were up substantially compared to April. Actual May 2020 sales increased by 55.2% compared to April 2020. After accounting for the regular seasonal increase that is experienced each year between April and May, seasonally adjusted sales were up by 53.2% month-over-month.
The number of new listings entered into TRREB’s MLS® System in May was down by a similar annual rate to that of sales, dipping by 53.1% to 9,104. On a month-over-month basis, actual new listings were up by 47.5%.