Major Cities Report
Active December Caps a Busy Year for the Victoria Real Estate Market
Victoria wrapped up 2015 with numbers they havenâ€™t seen since 2007. This past year 8,295 properties sold an increase of 23.8% from last year. A total of 465 properties sold in the Victoria Real Estate Board region this December, an increase of 19.5% compared to the 389 properties sold in the same month last year. There were 2,517 active listings for sale on the Victoria Real Estate Board at the end of December, 21.6% fewer than the 3,210 active listings at the end of December 2014. The MLSÂ® Home Price Index benchmark value for a single family home in the Victoria Core in December, 2014 was $560,900. The benchmark value for the same home in December 2015 has increased by 9.4% to $613,600.
Metro Vancouver Home Sales Set an All-Time Record in 2015
In a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record. The Real Estate Board of Greater Vancouver (REBGV) reports that 2015 home sales were the highest annual total in REBGV history. This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for REBGV. Sales of detached, attached and apartment properties in 2015 reached 42,326, a 27.8% increase from the 33,116 sales recorded in 2014, and a 48.4% increase over the 28,524 residential sales in 2013. The total number of homes listed for sale on the MLSÂ® in 2015 ranked fifth in the last ten years, while the MLSÂ® Home Price Index (HPI) saw double-digit year-over-year price increases. The number of residential properties listed for sale on the Multiple Listing ServiceÂ® (MLSÂ®) in Metro Vancouver in 2015 reached 57,249. This is an increase of 2.1% compared to the 56,066 properties listed in 2014 and an increase of 4.6% compared to the 54,742 properties listed in 2013. With sales-to-active-listings ratios above 25% for 11 months in 2015, the Metro Vancouver market experienced sellerâ€™s market conditions for much of the year.
Housing Market Characterized by Slow Demand
Elevated Supply Levels Placed Downward Pressure on Prices in December
December sales activity slowed to 878 units in the city, 18% below last year at this time and well below the five and 10-year averages. As a result, the unadjusted benchmark price dipped to $448,800, a 0.42% decline over the previous month and 2.33% year over year. In December, monthly inventory levels declined, as expected, to 4,336 units. Yet they were still 28% higher than the same time last year, and at the highest December level recorded since 2008. On an annual basis, sales activity declined by 24% in the detached sector and 33 and 28% in the apartment and attached segments, respectively.
2015 Prices and Inventory Up, Sales Decline
Sales of residential property through the Edmonton Multiple Listing ServiceÂ® (MLSÂ®) System in 2015 in the Edmonton CMA were down 9% from 2014 but up over 1% from 2013. Although sales were down, prices are up year over year, with single family homes finishing the year over 1% higher relative to last year at an average price of $437,569. For 2015, the average price of a condo was $252,954 (up 0.4% from 2014) and the average price of all residential properties was $372,511 (up 1.5% from 2014).
Record TREB MLSÂ® Home Sales in 2015
The second best sales result on record for December capped off a record year for TREB MLSÂ® home sales in the GTA. Toronto Real Estate Board President Mark McLean announced that there were 4,945 sales reported in December bringing the 2015 calendar year total to 101,299 â€“ a substantial 9.2% increase compared to 2014 as a whole. Strong annual sales increases were experienced for all major home types last year. The average selling price for 2015 as a whole was $622,217 â€“ up 9.8% compared to $566,624 in 2014