Major Cities Report
Another Busy Month in the Victoria Real Estate Market
A total of 1,121 properties sold in the Victoria Real Estate Board region this March, an increase of 52.7 per cent compared to the 734 properties sold in the same month last year. Inventory levels remain lower than the previous year, with 2,618 active listings for sale on the Victoria Real Estate Board Multiple Listing ServiceÂ® at the end of March, 30.5 per cent fewer than the 3,769 active listings at the end of March 2015. The MLS Home Price Index benchmark value for a single family home in the Victoria Core in March 2015 was $569,700. The benchmark value for the same home in March 2016 has increased by 16.4 per cent to $663,300.
March Sales Set an All-Time Record
Home sales eclipsed 5,000 in March for the first time on record. Residential property sales in the region totalled 5,173 in March 2016, an increase of 27.4 per cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to February 2016 when 4,172 homes sold. Last monthâ€™s sales were 56 per cent above the 10-year sales average for the month. The total number of properties currently listed for sale on the MLSÂ® system in Metro Vancouver is 7,358, a 40.5 per cent decline compared to March 2015 (12,376) and a 0.8 per cent increase compared to February 2016 (7,299). Sales of detached properties in March 2016 reached 2,135, an increase of 24.8 per cent from the 1,711 detached sales recorded in March 2015. The benchmark price for detached properties increased 27.4 per cent from March 2015 to $1,342,500. Apartment properties increased by 18.8 per cent from March 2015 to $462,800 and the benchmark price of an attached unit increased 20.1 per cent from March 2015 to $589,100.
Housing Prices Trend Down in March
Home prices declined further in March as economic conditions weigh on Calgaryâ€™s housing market. Provincial unemployment rates are at the highest level recorded since the early â€˜90s. Calgaryâ€™s benchmark price totaled $442,800 in March, a 0.49 per cent decline over February and 3.51 per cent lower than levels recorded last year. March home sales in Calgary totaled 1,588 units, 11 per cent below the same time last year and 28 per cent lower than long-term averages for the month. Inventory levels rose by seven per cent to 6,084 units in March. Overall, months of supply has averaged five months in the first quarter of 2016.
Spring Sales Begin to Pick Up as Prices Hold Steady
1,364 properties were sold in the Edmonton Census Metropolitan Area (CMA) in March, up nearly 63% from the 837 homes sold last month, but down 6.13% from the 1,453 relative to March 2015. There were 863 single family detached homes sold in the Edmonton CMA, a 67% percent increase month-over-month, and down only 1.5% from the same time last year. March saw the sale of 335 condos and 144 duplex/rowhouses, up 44% and 82% from February, respectively. The average all-residential price was $379,524 for March, which is close to 3% higher than February, and up nearly 2% compared to $372,289 during the same in last year. Single family house prices averaged $439,815, up slightly over last year (up 0.56%) and up by 4.73% month-over-month. Condo properties sold for an average of $251,093, up from both last month and last year, at an increase of 1.62% and 0.55%, respectively.
Strong Growth in Home Sales in March/Q1
There were 10,326 sales in March and 22,575 sales in the first quarter. The year-over-year growth rate for sales was 15.8 per cent for Q1 2016 and 16.2 per cent for March 2016. The MLSÂ® Home Price Index Composite Benchmark for March 2016 was up by 11.6 per cent compared to March 2015. The average selling price for all home types combined was up 12.1 per cent year-over-year in March and 13.6 per cent in the first quarter. The average price of all properties was $688,181 and SFD (single family dwellings) in the downtown 416 area came in at $1,174,358. Out of 10,326 all properties total sales 1,540 were over $1Million or 15%.