Major Cities Report
Slower Minter Markets Can Benefit Buyers and Sellers
A total of 394 properties sold in the Victoria Real Estate Board region this November, a 2.6 per cent increase from the 384 properties sold in November 2022 and a 3.2 per cent decrease from October 2023.
“The longer we are in balanced market conditions, the easier transitions for buyers and sellers become,” said Victoria Real Estate Board Chair Graden Sol. “Local people who planned to sell and move within the Greater Victoria area may have hesitated to list their homes back when record low inventory meant less choice when they became buyers. Now that we see some balance in the market, these people have more inventory to pick from and may feel more confident listing their existing home. And of course, all buyers are having better experiences with more time and more choice.”
There were 2,644 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2023, a decrease of 4.1 per cent compared to the previous month of October and a 25.2 per cent increase from the 2,111 active listings for sale at the end of November 2022.
Vancouver Balanced Conditions Come To The Metro Vancouver Housing Market For The Holiday Season
With one month left in 2023, a steady increase in housing inventory is offering home buyers across Metro Vancouver among the largest selection to choose from since 2021.
“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over seven per cent earlier in the year,” said Andrew Lis, REBGV director of economics and data analytics. “You probably won’t find Cyber Monday discounts, but prices have edged lower by a few per cent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totaled 1,702 in November 2023, a 4.7 per cent increase from the 1,625 sales recorded in November 2022. This was 33 per cent below the 10-year seasonal average (2,538).
Increased Listings, Strong Sales, and Price Growth
New listings in November reached 2,227 units, nearly 40 per cent higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000.
Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales to new listings ratio remained high at 80 per cent, and the months of supply remained below two months.
“Like other large cities, new listings have been increasing,” said CREB® Chief Economist Ann-Marie Lurie. “However, in Calgary, the gains have not been enough to change the low inventory situation thanks to strong demand. Our market continues to favour the seller, driving further price growth.”
YEG Real Estate Market Sees Month-over-Month Dip in Sales, Prices, and Inventory Amidst Seasonal Trends
Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for November 2023 came to 1,637, decreasing from October 2023 by 9.1%, but showing an increase of 28.5% over November 2022.
“In real estate, the rhythm of the market often shifts with the seasons. As we transition into the colder months, it’s not uncommon to witness a predictable decrease in available listings. Yet, what’s remarkable about Edmonton’s current housing landscape is the continual demand despite this seasonal ebb,” says REALTORS® Association of Edmonton 2023 Board Chair Melanie Boles. “Buyers continue their search for their dream home, eager to secure properties even amidst a tighter inventory.”
New residential listings amounted to 2,126, which is 20.8% lower than October 2023, and 7.9% higher than November 2022. Overall inventory in the GEA showed decreases of 14.5% from November of last year and 12.9% from October 2023.
Elevated Borrowing Costs Taking a Toll on Housing Affordability
High borrowing costs and uncertain economic conditions continued to weigh on Greater Toronto Area (GTA) home sales in November 2023. Sales were down on a year-over-year basis, while listings were up from last year’s trough in supply. With more choice in the market, selling prices remained basically flat year-over-year.
“Home prices have adjusted from their peak in response to higher borrowing costs. This has provided some relief for buyers, from an affordability perspective. As mortgage rates trend lower next year and the population continues to grow at a record pace, expect demand to increase relative to supply. This will eventually lead to renewed growth in home prices,” said TRREB Chief Market Analyst Jason Mercer.
The MLS® Home Price Index Composite benchmark and the average selling price, at $1,082,179, in November 2023 were basically flat in comparison to November 2022. On a seasonally adjusted monthly basis, the MLS® HPI Composite benchmark was down by 1.7 per cent. The average selling price was down 2.2 per cent month-over-month.