Major Cities Report
Markets return to balance not linear as predicted
A total of 598 properties sold in Victoria over October which was 9.9% fewer than the 664 properties solin in October of 2017. Condo sales were down 15.5% compared to last year and single-family homes were down 14.7%. Over the month we saw a total of 2,510 active listings, a 31.8 increase from 2017. The home price index for a single-family home was up by 6.1%, while the bench mark price for a condo was up by 9.86%.
Home Listings at Four-Year October High as Sales Remain Below Typical Levels
For October 2018 residential homes sale totalled 1,966 a 34.9% decrease from the 3,022 sales recorded in October 2017, and sales reaching 26.8% below the 10-year October sales average. There were 4,873 detached, attached and aparment homes newly listed which is a 7.4 increase compared to the 4,539 homes in October 2017. For all property types, the sales-to-active-listings ratio for October 2018 is 15.1%. By property type, the ratio is 10.3% for detached homes, 17.3% for townhomes, and 20.6% for condos.The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,062,100. This represents a 1% increase over October 2017 and a 3.3% decrease over the last three months.
Oversupplied Market Weighs on Prices
Elevated inventory levels compared to sales, are causing prices to ease further in Calgary’s housing market. Citywide benchmark prices totaled $426,300 in October 2018 which is a decline of 2.9% since October 2017. Inventories and sales totaled 7,345 and 1,322 in October. While some easing in new listing growth will help prevent further inventory gains, inventory levels remain near record highs for the month of October 2018. For each of the property types, sales activity has improved in the lower price ranges, leaving most of those segments relatively balanced. However, the upper end of the ranges has seen significant gains in supply compared to demand, which is likely having more of an impact on prices in those ranges.
Year Over Year Residential Unit Sales and Average Prices Decrease
Across Edmonton, all residential unit sales had decreased by 13.61% from October 2017. Average prices were also in decline, a single-family home was $425,864 down by 1.30% year over year. Duplex and rowhouses were down 2.21% year over year coming in at $333,215 and Condos down 8.80% to $221,293. New listings and overall inventory are up from October 2017 by 8.50%. Average days on market for a single-family home was up 7 days from October 2017, 5 days longer for duplex/rowhouses and 3 days shorter for condos.
Market Looks to be Tightening
A 6% increase was reported year over year in October 2018, with reported sales for the month being 7,492. The average sale price was up 3.5% to $807,340. There were 14,431 new listings entered October 2018, down by 2.7% compared to October 2017. The fact that sales were up and new listings were down year-over-year in October suggests that market conditions became tighter