Major Cities Report
Victoria Real Estate Market Continues 2014’s Upward Trend
351 properties sold in the Victoria region this January, an increase of 2.6% when compared to the 342 properties sold in the same month last year. At the end of January there were 3,283 active listings for sale on the Multiple Listing ServiceÂ®, a slight decrease from the 3,489 in January 2014. The Multiple Listing ServiceÂ® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $548,500. The benchmark value for the same home this month has increased by 2.39% to $561,600.
Home Buyers Remain Active Despite Reduced Selection
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,913 on the Multiple Listing ServiceÂ® (MLSÂ®) in January 2015. This represents an 8.7% increase compared to the 1,760 sales recorded in January 2014, and a 9.6% decline compared to the 2,116 sales in December 2014. The MLSÂ® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $641,60022. This represents a 5.5% increase compared to January 2014. With the sales-to-active-listings ratio at 17.7%, the region remains in balanced market territory.
Consumer Confidence Impacting Demand
Low oil prices throughout January, combined with a shifting outlook in the energy sector, caused unease for consumers. As a result, monthly housing sales activity fell to levels not seen in five years. A lack of recovery in oil has many concerned about their employment status and this concern is reflected through the weaker sales activity in Calgaryâ€™s January resale figures. Sales levels were over 35% lower than the 10 year average. Detached benchmark prices totaled $518,600 in January, similar to December levels, but a 7.9% increase relative to January 2014
Listings Up and Sales Down Means Bigger Inventory
Residential listings are up almost 30% compared to January of last year. Sales for January were 666 (not adjusted), down 13.5% month over month and down 25.9% from last year.
Strong Start to 2015
Greater Toronto Area REALTORSÂ® reported 4,355 home sales through the TorontoMLS system during the first month of the year. This result represented a 6.1% increase over January 2014. During the same period, new listings were up by 9.5%. The average selling price for January 2015 home sales was up by 4.9% year-over year to $552,575. The MLSÂ® Home Price Index (HPI) Composite benchmark was up by 7.5% compared to January 2014.