There’s no doubt about it, Canada’s major real estate markets are changing, the question is are you? From coast-to-coast we are seeing sales decrease and months of inventory increase. For the most part though, these major markets remain healthy. Take a look at these 4 major Canadian real estate market updates for February 2018.
Toronto (GTA), ON
What a difference a year makes. Comparing February 2017 to February 2018, sales are down almost 35%. No matter how you spin it, this is a substantial drop. Months of inventory grew 271.4% but still sit at just 2.6 months – indicative of a healthy market and arguably, a healthier market than when we were sitting at 0.7 months of inventory. The average price also fell 12.4% to $768,000. The Toronto condo market remains red-hot while detached homes are cooling. For all the numbers and my analysis, check out my video here:
Edmonton didn’t see drastic change year-over-year in February. Sales were down almost 6% and months of inventory up just over 18%, however, the average price of an Edmonton property grew 3.8% to $374,000. Month-over-month we saw better numbers as sales and average price grew. I do think we’re going to see sales grow over the next couple months as the weather gets better and buyers and sellers are more committed to the process. For my overall thoughts at the Edmonton market, check out my video here:
Calgary hasn’t hit it’s stride yet in 2018. Year-over-year, February 2018 was down 18% in sales, 38.2% increase in months of inventory and a 6.3% increase in days on market. The average price of a Calgary property did rise marginally by 2.5%. Calgary’s hottest market is detached properties as they sit at 3.7 months of inventory but their condo market inventory is incredibly high sitting at 7.2 M.O.I. Obviously, the same strategies used to sell a detached property in Calgary probably won’t work when attempting to sell a condo apartment. For some helping tips on how to work in a market like this, watch my video below:
Vancouver is dealing with a lot. The new speculation tax, land transfer tax and, of course, the foreign homebuyers tax, has made this market totally unpredictable. Vancouver’s sales are down by 9% year-over-year, active listings are up 3% and months of inventory are up by 13%. Comparing both years, February 2017 seems to have the advantage, except in composite benchmark price, where this year homes were up 16.9% on average. Consumers and real estate professionals alike have the right to be uncertain during this time of change, but the market does indicate that it’s healthy. For a closer look at the numbers watch my video here:
The one truth in all of this: you can’t change the market, you can only change yourself. You need to adapt and change as the market does. Create strategies that work with the market you’re working in and you’re bound to see results.
Until then, make it count.