Major Cities Report Victoria Winter Real Estate Market Wraps With Improved Consumer Confidence And More Stable Pricing A total of 460 properties sold in the Victoria Real Estate Board region this February, 35.9 per cent fewer than the 718 properties sold in February 2022 but a 65.5 per cent increase from January 2023.
“Last month we talked about the optimism building in the local market that our REALTORS® saw, and now we can see it in the market statistics,” said Victoria Real Estate Board Chair Graden Sol. “We can confirm the return of buyer confidence by the increase in sales through the late winter. The market is seeing some positive growth as we move into springtime, which is traditionally the busiest market for home sales. Inventory levels are starting to increase, a welcome trend when compared to the record lows of last year. We’re also seeing a stabilization at some price points and properties that are priced in accordance with current market conditions are selling at a good pace.”
There were 1,809 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2023, an increase of 4 per cent compared to the previous month of January and a 113.1 per cent increase from the 849 active listings for sale at the end of February 2022
Source Vancouver Below Average Home Sales Allow Inventory To Inch Upwards The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023.
Last month’s sales were 33 per cent below the 10-year February sales average. “It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year. On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.” said Andrew Lis, REBGV Director, economics and data analytics For all property types, the sales-to-active listings ratio for February 2023 is 23 per cent. By property type, the ratio is 16.8 per cent for detached homes, 30.1 per cent for townhomes, and 25.8 per cent for apartments.
Source Calgary Lowest February Inventory Since 2006 Consistent with typical seasonal behavior sales, new listings and inventory levels all trended up compared to last month. However, with 1,740 sales and 2,389 new listings, inventory levels improved only slightly over the last month and remained amongst the lowest February levels seen since 2006.
“While higher lending rates are impacting sales activity as expected, we are seeing a stronger pullback in new listings, keeping supply levels low and supporting some stronger-than-expected monthly price gains,” said CREB® Chief Economist Ann-Marie Lurie. “Prices are still below the May 2022 peak and it is still early in the year. However, if we do not see a shift in supply, we could see further upward pressure on prices over the near term.”
With a sales-to-new-listings ratio of 73 per cent and a months of supply of under two months, the market has struggled to move into balanced territory causing further upward pressure on home prices. The unadjusted benchmark price increased by nearly two per cent over January levels and last year’s prices.
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Edmonton
Edmonton Housing Sales See Strong Month-Over-Month Increses Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for February 2023 decreased 43.4% compared to February 2022 but saw an increase of 31.2% from January 2023. New residential listings were down 12.9% year-over-year from February 2022, while also noting an increase of 15.1% from January 2023. Overall inventory in the GEA was up 20.8% from February of last year, and up 8.5% from the previous month.
For February, detached unit sales were down 50.9% from February 2022, but saw an increase of 24.4% from January 2023 at 725. Semi-detached unit sales were down 47.7% year-over-year but increased by 50% from January 2023. Row/Townhouse unit sales also decreased 33.9% year-over-year and increased 26.4% month-over-month. Apartment Condominium unit sales saw only a minimal decrease of 2.1% from February 2022 but increased 47.7% from the previous month.
Total residential average prices hit $369,286, a 13% decrease from February 2022, and a 0.2% decrease from January 2023.
Source Toronto GTA Home Sales And Listings Drop In February February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year. The result was that the average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year.
“It has been almost a year since the Bank of Canada started raising interest rates. Home prices have dropped over the last year from the record peak in February 2022, mitigating the impact of higher borrowing costs. Many homebuyers have also decided to purchase a lower priced home to help offset higher borrowing costs. The share of home purchases below one million dollars is up substantially compared to this time last year,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 4,783 sales through TRREB’s MLS® System in February 2023 – down 47 per cent compared to February 2022, the last full month before the onset of interest rate hikes. The number of new listings entered into the system was down by a similar annual rate of 40.9 per cent to 8,367.
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SINGLE FAMILY HOMES
TOWNHOMES
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