Statistically speaking, Q2 is the busiest time in our industry. Markets are starting to show trends that we can anticipate seeing for the next few months. As real estate professionals, you need to know what to expect from your marketplace so you can predict buyer and seller tendencies. You need to use historical data to help your clients make informed and insightful decisions.
No matter where you live, real estate markets can shift. No market will stay the same forever and real estate professionals need to be aware that a balanced market can quickly change. We saw first-hand how government intervention and interest rate hikes can disturb entire markets.
In this review, I am taking a look at the first 4 months of data in each of our main markets. I am also looking at year-over-year data, micro market data, and providing some interesting insight that shows just how competitive this industry is. There’s no better time than now to start improving your business.
The Real Estate Board of Greater Vancouver (REBGV) owned bittersweet results in April. Sales were up 5.9% month-over-month to 1829, however, M.O.I. rose to 7.8 and benchmark price dropped -0.3%. Year-over-year, M.O.I. is up dramatically and sales dropped from 2579 to 1829, and benchmark price is down year-over-year across the board. To reiterate, month-over-month, REBGV is starting to find solid ground, but when considering year-over-year data, Vancouver is far away from it’s achievements last year. To get a closer look at the numbers, including a look at Fraser Valley and Victoria, take a look at my video review here.
Simply put, the Toronto Real Estate Board (TREB) is one of Canada’s strongest sectors. Sales continue to rise month-over-month and all indications of a prosperous 2019 is strong. Sales are up 25.8% month-over-month sitting at 9074. Months of inventory dropped 8% to 2 while average price rose 4% to $820,000. Year-over-year, April 2019 is looking good. There were 1298 more sales this April compared to last April, but unsurprisingly, we are still short of 2017 April sales. 905 vs. 416 micro market sales are all very strong. Detached properties own the highest M.O.I. with 2.2 in the 416 and 2.8 in the 905. Every other micro market sits at 1.5 months of inventory or below. To take a closer look at the numbers watch my video analysis here.
The Calgary Real Estate Board (CREB) has had a strong 2019 so far and April continued to show its strength. Sales were up 16.4% from March with a total of 1547. Months of inventory dropped 8% and sits at 4.6 while average price saw the tiniest of bumps with under a 1 percent increase. Year-over-year, M.O.I. is down from 4.8 to 4.6, but is off substantially from 2017 when it sat at 2.9. Average price has also dropped $18,000 from April 2018. To take a look at all of the data, watch my video review here.
The Edmonton Real Estate Board (EREB) once again performed very well in 2019. Sales were up 40.3% month-over-month with 1684 total sales in April. Months of inventory dropped 22.5% and average price rose 2.2%, sitting at $365,000. Year-over-year, April 2019 was the stronger month, as there were 129 more sales in 2019 than last April, and M.O.I. strengthened to 5.4 from 5.7 in 2018. For a closer look at all of the data, take a look at my video review here.
Remember, it’s a beautiful life, make it count.