The numbers are in and from coast-to-coast, Canada’s real estate markets appear to be headed in a favourable direction. Some markets will require different skill sets, but overall I like what I’m seeing. Check out our market review videos below.
Toronto (GTA), ON
The foreign homebuyers tax undeniably impacted the Toronto real estate market. Interest rate increases also played a part in the decline of activity, however, generally speaking, the GTA is still in a favourable position. Detached homes are feeling the effect of these changes more than other properties, but overall, this is still a great market for both buyers and sellers.
Edmonton’s average months of inventory is high in comparison to Toronto and Vancouver, but has lowered year-over-year 4.3%. I’m seeing Edmonton as a buyer’s market right now but it’s still healthy as prices haven’t moved much at all. 2018 will likely see much of the same. The market will start to strengthen as the weather improves but I don’t see a dramatic change coming. It’s well balanced and both buyers and sellers can take their time making decisions. To see all of the stats, check out the video analysis here.
There was very little movement in the Calgary real estate market. Prices year-over-year rose by only 0.4%. Months of Inventory hover at 4.8 making Calgary a very balanced market. The Calgary detached market is the strongest by far and that is simply because of price point. People entering the market can afford detached properties. Essentially, this is the anti-Toronto market. For a closer look at all of the numbers in the Calgary area, watch the video here.
Arguably Canada’s strongest market, Vancouver continues to prove its resiliency in 2017. Even after the foreign homebuyers’ tax, Vancouver’s real estate market bounced back wonderfully. Year-over-year, prices were up 16% in January. I think the market will continue to strengthen throughout the year as weather and motivation improves. Detached homes are suffering right now but the condo market couldn’t get any hotter. For a full look at the stats and my advice on how to handle this market, take a look at the video here.
Regardless of the market you find yourself in, one thing remains the same: each market has its challenges and you must develop your mindset and your skillset to succeed wherever you are.
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Until then, make it count.