Major Cities Report
Victoria Real Estate Market Stalemate Continues
A total of 696 properties sold in the Victoria Real Estate Board region this April, 10 per cent fewer than the 774 properties sold in April 2018 but an 8.8 per cent increase from March 2019. Sales of condominiums were down 9.8 per cent from April 2018 with 203 units sold but were up from March 2019 by 3.6 per cent. Sales of single family homes were down 12 per cent from April 2018 with 369 sold.
Reduced Demand and Increase Supply Continues Across Housing Market
Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver housing Market. The Real Estate Board of Greater Vancouver reports that residential home sales in the region totaled 1,829 in April, a 29.1 per cent decrease from the 2,579 sales recorded in April 2018, and a 5.9 per cent increase from the 1,727 homes sold in March 2019. Last month’s sales were 43.1 per cent below the 10-year April sales average.
April Brings a Slight Inventory Decline
There have been no significant changes occurring in sales activity, but the number of new listings coming onto the market continues to ease relative to 2018 levels. The slight adjustment in supply levels has helped support further reductions in the months of supply, which was 4.6 months in April. While this level still represents oversupply in our market, it does reflect improvement from the nearly seven months of supply that we saw at the start of the year. As of April, the total residential benchmark price in Calgary was $415,900. This is slightly higher than last month, but still nearly five per cent lower than last year’s levels.
Upward Movement for April Real Estate Numbers
When compared to March 2019, unit sales across most categories increased, with single family home unit sales increasing 43.68%, condo sales increasing 38.31% and duplex/rowhouse sales increasing 34.06%. Year over year sales are up in all major categories, with single family homes sales increasing 1.91%, condo sales increasing 2.77% and duplex/rowhouse sales increasing 3.93%. Year to date sales for all residential categories were down 8.44.% compared to April 2018. “Spring tends to see more activity in the market with this year being no exception,” says REALTORS® Association of Edmonton Chair Michael Brodrick.
Strong Year-Over-Year Growth in Sales
The number of residential transactions jumped by 16.8 per cent to 9,042 compared to 7,744 in April 2018. On a preliminary seasonally adjusted basis, sales were up 11.3 per cent compared to March 2019. The year-over-year rate of price growth generally edged up in April relative to the first three months of the year. The average selling price was up by 1.9 per cent to $820,148, representing the strongest annual rate of growth so far in 2019. On a preliminary seasonally adjusted basis, the average selling price was also up by 1.1 per cent compared to March 2019.