Market conditions in January, as represented by the relationship between sales and listings, continued to support moderate year-over-year price increases, regardless of the price measure considered.
January is typically one of the slowest months of the year for the housing market. However, It is encouraging to see the slight increase in January transactions on a year-over-year basis, even with the inclement weather experienced during the month
REALTORS® are seeing more traffic at open houses compared to recent months. We believe this will translate into more sales in the coming months.
Ontario - Moderate price increase
Toronto, February 6, 2019 -- TREB President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 4,009 home sales through TREB's MLS® in January 2019 – up by 0.6%, compared to January 2018. On a preliminary seasonally adjusted basis, sales were up by 3.4%, compared to December 2018.
"It is encouraging to see the slight increase in January transactions on a year-over-year basis, even with the inclement weather experienced in the GTA region during the last week of the month. The fact that the number of transactions edged upwards is in line with TREB's forecast for higher sales in the calendar year 2019," said Mr. Bhaura.
The MLS® HPI Composite Benchmark price was up by 2.7% compared to January 2018. The condominium apartment market segment continued to lead the way in terms of price growth. The average selling price was up by 1.7% on a year-over-year basis. After preliminary seasonal adjustment, the average selling price edged lower compared to December 2018.
"Market conditions in January, as represented by the relationship between sales and listings, continued to support moderate year-over-year price increases, regardless of the price measure considered. Given housing affordability concerns in the GTA, especially as it relates to mortgage qualification standards, we have seen tighter market conditions and stronger price growth associated with higher density low-rise home types and condominium apartments, which have lower average selling prices compared to single detached homes," said Jason Mercer, TREB's Director of Market Analysis and Service Channels.
Ottawa, February 5, 2019 -- Members of the Ottawa Real Estate Board sold 820 residential properties in January through the Board’s Multiple Listing Service® System, compared with 708 in January 2018, an increase of 15.8%. January’s sales included 611 in the residential property class, a rise of 14.2% from a year ago, and 209 in the condominium property class, an increase of 20.8% from January 2018. The five-year average for January sales is 683.4.
“January is typically one of the slowest months of the year for local real estate. Yet, in spite of the record cold and snowfall, unit sales are up almost 16%. This is the highest number of January transactions we have experienced in decades,” states Ottawa Real Estate Board’s 2019 President, Dwight Delahunt.
“Buyers are extremely motivated, despite the weather, and properties are moving very quickly as days on market continue to decline,” he adds. “If you’re thinking of selling, you don’t have to wait for spring. A REALTOR® is in the best position to assist in this active market where buyers are waiting for the opportunity.”
The average sale price of a residential-class property sold in January in the Ottawa area was $432,829, an increase of 1.5% over January 2018. The average sale price for a condominium-class property was $283,990, an increase of 7.7% from this month last year.*
“Even though inventory is at its lowest level in years, Ottawa’s home prices reflect reasonable appreciation. New builds are helping prices remain stable with homebuilders adding enough supply to keep the market equitable. We don’t have the supply constraints of Toronto and Vancouver because we have serviceable lots within a 20-minute drive,” Delahunt points out.
“Similar to the fact that you don’t need to own a BMW to get where you want to go, some of the more expensive neighbourhoods in the city are a lifestyle choice. The fact is there is quality affordable housing available for almost every level of homebuyer in Ottawa.”
The $300,000 to $449,999 range continued to represent the most active price point in the residential market, accounting for nearly 42.5% of January’s sales while 22.7% of sales were in the $500,000 to $750,000 price range. Between $175,000 to $274,999 remained the most prevalent price point in the condominium market, accounting for 54.1% of the units sold.
When asked what he forecasts for the upcoming year, Delahunt speculates, “Based on last month’s sales, I’d say we go with Wiarton Willie’s prediction – it will likely be an early spring for the real estate market as well.”
In addition to residential and condominium sales, OREB Members assisted clients with renting 169 properties in January 2019.
Britsh Colombia - Home listings continue to increase
Metro Vancouver, JANUARY 2019 --Home listings continue to increase across all housing categories in the Metro Vancouver* housing market while home buyer activity remains below historical averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,103 in January 2019, a 39.3% decrease from the 1,818 sales recorded in January 2018, and a 2.9% increase from the 1,072 homes sold in December 2018.
"REALTORS® are seeing more traffic at open houses compared to recent months, however, buyers are choosing to remain in a holding pattern for the time being," said Phil Moore, REBGV president.
Last month’s sales were 36.3% below the 10-year January sales average and were the lowest January-sales total since 2009.
There were 4,848 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2019. This represents a 27.7% increase compared to the 3,796 homes listed in January 2018 and a 244.6% increase compared to the 1,407 homes listed in December 2018.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,808, a 55.6% increase compared to January 2018 (6,947) and a 5.2% increase compared to December 2018 (10,275).
For all property types, the sales-to-active-listings ratio for January 2019 is 10.2%. By property type, the ratio is 6.8% for detached homes, 11.9% for townhomes, and 13.6% for condominiums.
Alberta - New year kicks off with slow sales
City of Calgary, February 1, 2019 – As economic challenges linger into 2019, housing markets remain on a sluggish pace.
January sales totalled 804 units, 16% below last year and 21% below long-term averages for the month.
"The slow start to the year does not come as a surprise, as concerns about job losses and the state of the energy sector weigh on consumers. We anticipate that the slow market conditions will persist throughout much of the first quarter," said CREB® chief economist Ann-Marie Lurie.
The number of new listings entering the market remained comparable to last year, but those levels far surpassed sales activity. This has resulted in further gains in inventory levels. Elevated inventories relative to sales caused months of supply to rise to nearly seven months.
Persistent buyers' market conditions have continued to impact prices. Citywide residential benchmark prices eased to $414,800 in January. This is nearly one% lower than December figures and four% below January 2018 levels.