Major Cities Report
Is it an Endless Summer for Real Estate in Victoria?
A total of 704 properties sold in the Victoria Real Estate Board region this September, an increase of 24.6% compared to the 565 properties sold in the same month last year. There were 3,478 active listings for sale on the Victoria Real Estate Board Multiple Listing ServiceÂ® at the end of September, 18.2% fewer than the 4,253 active listings in September 2014. The Multiple Listing ServiceÂ® Home Price Index benchmark value for a single family home in the Victoria Core last year in September was $558,600. The benchmark value for the same home in September 2015 has increased by 8.7% to $607,100.
Metro Vancouver home buyers compete for fewer home listings
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,345 on the Multiple Listing ServiceÂ® (MLSÂ®) in September 2015. This represents a 14.5 per cent increase compared to the 2,922 sales recorded in September 2014. Last monthâ€™s sales were 32.9 per cent above the 10-year sales average for the month. The sales-to-active-listings ratio in September was 31 per cent. Sales of detached properties in September 2015 reached 1,272, an increase of 0.2 per cent from the 1,270 detached sales recorded in September 2014, and a 24.3 per cent increase from the 1,023 units sold in September 2013. The benchmark price for a detached property in Metro Vancouver increased 18.9 per cent from September 2014 to $1,179,700. The benchmark price of an apartment property increased nine per cent from September 2014 to $415,100. The benchmark price of an attached unit increased 8.1 per cent between September 2014 and 2015 to $518,600.
Prices ease as expected and Inventories rise as sales activity softens further.
Residential sales in the city totaled 1,448 units in September, well below typical activity levels for this time of year. Year-to-date Calgary sales remained below both the five- and 10-year year averages by a respective 10 and 26 per cent.
While all property types recorded a notable drop in the sales-to-new listings ratio, both the apartment and attached segments saw the most significant declines. Ratios in both categories dropped to the 40 per cent range, while months of supply pushed up to 4.95 and 4.35, respectively. In comparison, the detached category saw its ratio hover around 50 per cent in September and months of supply settle at 3.32. Despite higher months of supply, typical home prices in both the detached and attached sectors remained relatively unchanged in September, totaling $517,200 and $357,000, respectively
Prices Remain Virtually Unaffected by Dip in Sales
The average residential price in September for the Edmonton Census Metropolitan Area (CMA) is down less than 1% year-over-year (YoY) despite reported sales being down 6.76%. Single family sales (down 9.72% YoY) and condo sales (down 9.07%) continue to be down over levels reported in September of 2014, while duplex/rowhouses (up 17.21% YoY) buck the trend. A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $432,150; down 1.75% from August and down 0.98% YoY. The average price for condominiums ($252,953) fell 0.68% over last month and 1.05% over last year. Duplex/rowhouses did well at an average of $364,203 â€“ up 2.76% from the previous month and up 4.28% from 2014.
Record Home Sales in September 2015
There was a combined 8,200 home sales reported for September 2015. This result was up 2.5 per cent compared to September 2014. The MLSÂ® Home Price Index (HPI) Composite Benchmark Price was up by 10.5 per cent year over year. The average selling price for all home types combined was also up by 9.2 per cent annually to $627,395.