Major Cities Report
Housing Market Still Finding Balance
A total of 651 properties sold in the Victoria Real Estate Board region this July, 17.6 percent fewer than the 790 properties sold in July of last year, and an 8.1 percent decrease from June 2018. “We are in a different market now than what we have seen for the past two years,” says Victoria Real Estate Board President Kyle Kerr. “And while we see inventory creeping up after the drought in 2017, especially in the multi-million-dollar range, across our region there are 30 per cent fewer homes listed for sale under $750,000 than this time last year. This means that if you are shopping in the $750,000-or-less bracket, you are in a fast-moving market with low inventory.
Housing Supply Up, Demand Down Across Metro Vancouver
July’s residential housing sales in Metro Vancouver* reached their lowest levels for that month since the year 2000. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totaled 2,070 in July 2018, a 30.1 per cent decrease from the 2,960 sales recorded in July 2017, and a decrease of 14.6 per cent compared to June 2018 when 2,425 homes sold. Last month’s sales were 29.3 per cent below the 10-year July sales average.
Patience Required in Calgary’s Housing Market Recovery
Recent struggles in the job market, accompanied by yet another interest rate increase, is piling on to the decisions potential purchasers have to make in the housing market.
The month of July saw 1,547 units sold in Calgary, nearly five per cent below last year. New listings eased to 2,964 units, causing inventories to total 8,450 units. With more supply than demand, prices continued to edge down, with a citywide average of $435,200. The apartment ownership sector continues to see the steepest declines, with year-to-date benchmark prices averaging $257,343, three per cent below last year and nearly 14 per cent below 2014 highs.
All Residential Average Unit Prices Decrease, Unit Sales Increase Month Over Month
In the Edmonton Census Metropolitan Area (CMA), the average all residential selling price decreased 2.07% to $370,046 compared to June 2018 and decreased 3.63% compared to July 2017. Average days on market increased for most categories, indicating more of a buyers’ market for the Edmonton CMA. The average for single family homes increased to 52 days for July 2018, two days longer than June 2018 and four days longer than July 2017.
Housing Supply Still Remains an Issue
Residential sales reported through TREB’s MLS® System for July 2018 amounted to 6,961 – up 18.6 per cent compared to July 2017. Over the same period, the average selling price was up by 4.8 per cent to $782,129, including a moderate increase for detached home types. New listings in July 2018 were down by 1.8 per cent year-over-year. Preliminary seasonal adjustment pointed to strong month-over-month increases of 6.6 per cent and 3.1 per cent respectively for sales and average price. Seasonally adjusted sales were at the highest level for 2018 and the seasonally adjusted average price reached the highest level since May 2017.
The MLS® Home Price Index (HPI) Composite Benchmark for July 2018 was down slightly compared to July 2017. However, the annual growth rate looks to be trending toward positive territory in the near future.