We have officially passed the halfway mark for the year 2019, and entered into the historically slower second half of the year. If 2018 is a predictor of what is to come; it is worth acknowledging that in every market we report on, fewer sales were conducted in the second half of 2018, compared to the first six months of the year.
In my June 2019 Market Update I discuss how you can “stay in the game” this summer. Find out what behaviours are necessary to ensure you stay on target with your 2019 goals. Let’s focus on what we can control!
he Real Estate Board of Greater Vancouver saw a decrease in sales in June compared to May, with a final total of 2077, a 21% decrease over May. Active listings increased by 1.9%, which means months of inventory are also up by 29.5% (7.2 MOI) as a result. Compared to the first six months of 2018, sales are down by 24.5 %. Perhaps most notably, the benchmark price has gone below a million dollars ($999K). Government legislation has obviously had an impact here, so let’s focus on what you can control. For a deeper look into how to succeed in this soft, challenging market, watch my Vancouver Market Update video now.
The Toronto Real Estate Board continues to experience healthy growth. Sitting at 2.2 months of inventory in June, Toronto is a very strong market. Month-over-month sales saw a decrease of 11.3% sitting at 8860 sales for the month of June. This is common in every market, as May tends to be one of the most successful months of the year for sales. The Toronto market however, is stronger this year than it was at the same point last year. Total sales are up 10.4% compared to June of last year, and the average sale price is up 3% compared to June of 2018. In my review, I caution you on how to handle your summer. After all, it’s what we do in July and August that turns into business in the Fall! Take a look at my Market Update video here.
The Calgary Real Estate Board is moving in the right direction. As seen in every other market in Canada, month-over-month sales saw a decrease in Calgary. Sales were down 7.3% compared to May, sitting at 1780 sales. Even though sales are down, the months of inventory is still fairly low, sitting a 4.2. In my CREB Market Update video, I show you the most important graph you should be using with buyers and sellers to help them see what’s going on in the market. For all of this information, and a beautiful trend line that you have to see for yourself, watch my CREB video now.
The Edmonton Real Estate Board is enjoying a very balanced market as we head into summer. As with all other Canadian Markets, sales in June decreased compared to May. Sales were down 8.6% sitting at 1811 total. Months of inventory rose 8.1% to 5.2, and average sale price increased slightly by 0.7 %. In my Edmonton Real Estate Board video, I show you a graph you can use as a tool to help buyers and sellers understand the market and trends. For a more detailed look at these statistics, watch my Edmonton Real Estate Market Update video now.
The Ottawa Real Estate Board is the newest market we are reporting on, and there is nothing but good news! As expected, June sales decreased by 13.1% when compared to May. Months of Inventory increased by 12.3% to bring it up to 1.8. This is a very strong seller’s market. Average price has increased by 1.6% as a result, sitting at $456K. In my OREB Market Updates video I discuss how to deal with multiple offers, and discouraged buyers in this strong seller’s market, which will set you up for a successful second half of 2019. To hear my advice, watch my Ottawa Real Estate Board Market Updates video now.
FRASER VALLEY, BC
Another new addition to my market statistics review is the Fraser Valley Real Estate Board. In every market other market we’ve reported on in Canada, the month-over-month trend saw a decrease in sales compared to May, and the FVREB was no exception. Sales were down 13.9% sitting at 1306. Total sales in June are off by 10.1% compared to the same period last year. The FVREB is currently sitting in a buyer’s market, but take a look at my Market Update video to see how property types might determine different markets. Take a look at my Fraser Valley Real Estate Board video here.
Remember, it’s a beautiful life, make it count.