Major Cities Report
Victoria real estate market experiences an active summer
A total of 979 properties sold in the Victoria Real Estate Board region this August, 48.1% more than the 661 properties sold in August 2019 and the same total as the previous month of July 2020.
There were 2,584 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2020, 8.9% fewer properties than the total available at the end of August 2019.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2019 was $849,500. The benchmark value for the same home in August 2020 increased by 4.7% to $889,200, 2.3% less than July’s value of $909,700.
Home sale and listing activity continues to increase in August
Home sale and new listing activity outpacing the region’s historical averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,047 in August 2020, a 36.6% increase from the 2,231 sales recorded in August 2019.
A 55.1% increase in listings compared to the 3,747 homes listed in August 2019 and a 2.3% decrease compared to July 2020 when 5,948 homes were listed. This was 34.8% above the 10-year August new listings average.
For all property types, the sales-to-active listings ratio for August 2020 is 23.8%. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,038,700. This represents a 5.3% increase over August 2019 and a 0.7% increase compared to July 2020.
August home sales consistent, but COVID-19 impacts continue
Total residential sales in August were relatively stable compared to last year with year-over-year gains in the detached and row sectors. With 1,573 sales in August, this is consistent with levels over the past five years. Year-to-date sales activity remains nearly 13 per cent below last year.
New listings are easing and is helping to chip away at existing inventory compared to the higher levels recorded last year. However, the pace of year-over-year decline has eased as inventory levels have trended up relative to levels recorded a few months ago. The residential benchmark price in August was $420,800 and is nearly one per cent lower than last years’ levels.
Average Residential Prices up 1.86% compared to last year.
Total residential unit sales in Edmonton for August 2020 increased 20.11% compared to August 2019 and decreased 13.16% from July 2020. The number of new residential listings is down year over year, decreasing 3.96% from August 2019. Overall inventory in Edmonton fell 14.6% from August of last year and decreased 5.95% from July 2020.
For the month of August, single family home unit sales are up 22.98% from August 2019 and down 12.39% from July 2020. All residential average prices are up to $374,409, a 1.86% increase from August 2019, and up 1.24% from July 2020. Overall, all residential listings averaged 52 days on market, decreasing by 10 days on market year-over-year and two days compared to the previous month.
Sales up 40% over August 2019
GTA REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3% compared to August 2019.
Both the number of new listings entered into TRREB’s MLS® System during the month and the number of active listings at the end of the August 2020 were up on a year-over-year basis. While new listings were up strongly for all home types, growth in new condominium apartment listings far outstripped growth in the other market segments.
The MLS® Home Price Index Composite Benchmark was up by 11.1% in August 2020 compared to August 2019. Over the same period, the overall average selling price was up by 20.1% to $951,404. Annual detached and semi-detached sales growth was stronger in the comparatively more-expensive City of Toronto compared to the surrounding GTA regions, which helps explain why growth in the overall average selling price outstripped growth in the MLS® HPI Composite Benchmark.