Major Cities Report
Feverish Pace of Sales Continues in Victoria Real Estate Market
A total of 1,289 properties sold in the Victoria Real Estate Board region this May, an increase of 42.4 per cent compared to the 905 properties sold in the same month last year. Inventory levels remain lower than the previous year, with 2,406 active listings for sale on the Victoria Real Estate Board Multiple Listing Services at the end of May, 40.5 per cent fewer than the 4,043 active listings at the end of May 2015. The Multiple Listing Services Home Price Index benchmark value for a single family home in the Victoria Core in May 2015 was $593,200. The benchmark value for the same home in May 2016 has increased by 19 per cent to $706,500. The sale to listing ratio is about 50%.
Demand Remains Elevated Across the Metro Vancouver Housing Market
Metro Vancouver* homes continue to sell at an unprecedented rate in communities across the region. Residential property sales on the region’s Multiple Listing Services (MLS®) totalled 4,769 in May 2016, an increase of 17.6 per cent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 per cent compared to April 2016 when 4,781 homes sold. Last month’s sales were 35.3 per cent above the 10-year sales average for the month and rank as the highest sales total on record for May. New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5 per cent compared to the 5,641 units listed in May 2015 and a 2.6 per cent increase compared to April 2016 when 6,127 properties were listed. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,726, a 37.3 per cent decline compared to May 2015 (12,336) and a 2.3 per cent increase compared to April 2016 (7,550). The sales-to-active listings ratio for May 2016 is 61.7 per cent. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $889,100. This represents a 29.7 per cent increase compared to May 2015. Sales of detached properties in May 2016 reached 1,865, an increase of 8.2 per cent from the 1,723 detached sales recorded in May 2015. The benchmark price for detached properties increased 36.9 per cent from May 2015 to $1,513,800. Apartment property increased 22.3 per cent from May 2015 to $485,000 and attached unit increased 24.9 per cent from May 2015 to $632,400.
Housing Supply Swells in Cool Spring Market
Calgary’s housing inventory was on the rise once again in May as new listings climbed by 14 per cent and sales slowed to 1,923 units. The resale apartment market has been the most difficult for sellers. In May, the apartment benchmark price totaled $278,500, a monthly and year-over-year decline of 0.7 and 5.6 per cent. In the detached and attached markets, home prices totaled $500,500 and $332,100, a year-over-year decline of 3.4 and 4.3 per cent.
Relative to Other Markets in Alberta, Edmonton’s Resale Housing Market is Solid
Unit sales for single family detached homes were up 19.3% from April and up 3.8% year-over-year, with 1,119 selling in May across the Edmonton Census Metropolitan Area (CMA). Unit sales of duplexes and rowhouses increased 37.2% over April, and 23.03% over May 2015 with 203 units sold in the month. Condo sales were up 5.3% month-over-month, but down 18.2% year-over-year. All-residential sales at 1,771 were up more than 18% from April and down less than 1% compared to May of last year. The average single family detached home in the Edmonton CMA sold for $440,573 in May, virtually on par with April’s average price of $439,982, but down almost 3% compared to the average price of $453,748 in May 2015. Average condo prices at $254,555 are up over 1% month-over-month, and almost flat to last year. Duplex/rowhouse average prices increased compared to both the previous month and May 2015, up 3% and 1.5% respectively.
Strong Sales Growth Continues in May
12,870 home sales reported through TREB’s MLS® System in May 2016. This result represented a new record for the month of May and a 10.6 per cent increase over the same period last year. In contrast, the number of new listings was down over the same time frame by 6.4 per cent. The MLS® Home Price Index Composite Benchmark was up by 15 per cent year-over year in May 2016. Similarly, the average selling price for all home types combined was up by 15.7 per cent over the same period.