This market update marks the first statistical review in 2019. January stats are out for all real estate markets in Canada and I am taking a very close look at 4 major Canadian real estate boards. The big question on everyone’s mind: how will the market perform in 2019? Across the country we are looking at incredibly different markets. Some boast healthy sales and months of inventory while others continue to struggle.
In this review, I am going to compare the last 5 Januarys in each real estate board. I want to provide you with insight that is valuable to both your buyers and sellers and give you advice on how to conquer the market regardless of where you live in Canada.
Let’s get started.
2019 didn’t start the way many would have hoped. Sales were the lowest Greater Vancouver has seen in the last 5 years with 1,103. Active listings rose 55.6% year-over-year and now sit at 10,808. Greater Vancouver is in a full buyers market with 9.8 months of inventory, up from 3.8 months last January. Benchmark price also dropped 3.5% year-over-year to $1,019,600. When looking at REBGV’s micro markets, detached properties boast a 14.7 M.O.I., with apartments sitting at 7.4 and townhouses with 8.4. To take a look at all of the stats plus some actionable advice I have to survive and thrive in a market such as this, watch my video below.
The Toronto Real Estate Board is the only board in this review that had an increase in sales year-over-year. TREB recorded 4,009 sales in January 2019 with 11,962 active listings and 3 months of inventory. This is almost identical to last January when Toronto had 3,987 sales, 11,894 active listings, and 3 months of inventory. Sales are up year-over-year to $748,328 but still fall behind 2017’s average price of $770,745. Detached homes have the largest months of inventory with 4.2, while all other micro markets sit between 1.7 and 2.4 months of inventory. To take a closer look at the stats with an indepth look at the 416 vs. 905, check out my video here.
The Calgary Real Estate Board saw a decline in sales year-over-year and was at its lowest total since 2016. CREB recorded 804 sales in January 2019 down from 959 just one year ago. Active listings rose to 5,473 and months of inventory sits at 6.8, the largest it’s been in our 5 year comparison. Average sales price dropped significantly year-over-year to $451,000 from $468,000 in 2017. Detached properties boast the best months of inventory in CREB with 5.8, apartment sits with the largest M.O.I. at 9.3. To view the rest of my stats and to hear ideas on how to succeed in this complex market, watch my video below.
Sales in the Edmonton Real Estate Board were down year-over-year but were still the second highest total in our 5 year comparison. EREB recorded 799 sales in January 2019, down from 891 last year. Active listings were up 15.1% year-over-year to 7,092 and months of inventory up to its highest point over the last 5 years, sitting at 8.9. Detached properties were the highest selling micro market in January 2019 with 472 sales. There were 215 condominium sales and 97 duplex/row sales. For a closer look at average prices for EREB and the micro markets, watch my video here.
My advice to you is this: don’t forget about the sellers. In our west coast markets you might be tempted to work with strictly buyers; sales are down, active listings are up, and months of inventory is on the rise. I want to advise you to continue to look for motivated sellers, even in these difficult markets. A motivated seller that will listen to market conditions is a great client to represent. Use the information to provide insight and help sellers see what the market is commanding. It’s price wars and beauty contests and you need to spend time with motivated sellers if you’re going to thrive in this kind of market.
Remember, it’s a beautiful life, make it count.