Major Cities Report
Conclusion Of A Strong Spring Victoria Real Estate Market
A total of 705 properties sold in the Victoria Real Estate Board region this June, 15.2 per cent more than the 612 properties sold in June 2022 and a 9 per cent decrease from May 2023.
“As we consider the first half of the year, we see a return to a more traditional sales trend which follows the seasons,” said Victoria Real Estate Board Chair Graden Sol. “During and shortly after the pandemic, we couldn’t rely on our usual comparisons to explain the market. This year we have seen a return to a seasonal pattern, where the sales are slower through the winter and may peak in the spring. This seasonal trend is generally followed by a summer market which remains stable but is not as highly active.”
There were 2,342 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2023, an increase of 7 per cent compared to the previous month of May and a 13.7 per cent increase from the 2,059 active listings for sale at the end of June 2022.
Vancouver Home Prices Continue To Rise In Housing Market To Kick Off Summer
Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.
“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June. The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.” said Andrew Lis, REBGV director of economics and data analytics
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).
Another Record High Month For Calgary
The housing market in Calgary witnessed a surge in apartment condominium sales, setting a new total residential record with 3,146 sales achieved in June. Although year-to-date sales are currently 23 percent lower than last year, they remain significantly higher than pre-pandemic levels.
Notably, there has been a positive trend in new listings, providing relief and a monthly increase in inventory levels. However, despite these improvements, the inventory for June stood at 3,458 units, marking a decline of over 36 percent from last year and reaching the lowest levels for June in nearly two decades.
With a supply of just over one month, the current market conditions continue to favour sellers, placing upward pressure on home prices. In June, the total residential benchmark price reached $564,700, representing a monthly unadjusted gain of one percent and four percent higher than last year’s levels.
Residential Listings And Sales Cool As Hot Summer Begins
Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for June 2023 hit 2,596, decreasing both 2.1% compared to June 2022 and 4.6% from May 2023. New residential listings were down 14.8% year-over-year from June 2022, while also noting a drop of 3.9% from May 2023. Overall inventory in the GEA was down 11.7% from June of last year, and up 0.5% from the previous month.
“While we’ve noted that market activity has cooled heading into the summer months, we’ve seen slight improvements in average prices across several categories,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Although detached homes saw a decrease of 2.7% from May 2023, semi-detached homes, row/townhouses and apartment condominiums all saw slight improvements in their average prices from the previous month.”
The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $383,600, resulting in an increase of 1.3% from May 2023, but a decrease of 7.2% from June 2022.
Lack Of Listings Led To Tighter GTA Market Conditions In June
The year-over-year increase in sales coupled with the decrease in new listings mean market conditions were tighter this past June relative to the same period last year. The average selling price was up by 3.2 per cent to $1,182,120. The MLS® HPI Composite benchmark was still down by 1.9 per cent on a year-over-year basis – the lowest annual rate of decline in 2023. On a month-over-month basis the seasonally adjusted average price and MLS® HPI Composite benchmark were up.
“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn’t find a home meeting their needs. Simply put, you can’t buy what is not available,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 7,481 sales through TRREB’s MLS® System in June 2023 – up 16.5 per cent compared to June 2022. The number of listings was down by three per cent over the same period.