Real Estate Market Updates – Micro Markets = Major Potential | November 2018

Well, we’ve reached the final month of 2018. December is here and I’ve reviewed the November stats for our 4 major Canadian cities. It’s no secret that sales tend to dip during this time of year, so seasonal lows are expected and I am not predicting any better for next month. Where I focused my efforts this market update (and where I want you to as well) is in your micro markets. Reviewing the performance of micro markets will tell the true story of how your particular market is doing. These insights are what will make you invaluable to your clients.

Toronto (GTA), ON

The Toronto Real Estate Board (TREB) continues to be the envy of these market updates. Year-over-year sales have dropped -14%, active listings have dropped -10% and M.O.I. is up 0.1, sitting at 2.6. While M.O.I. has gone up marginally, it hasn’t affected prices. The average price of a property in the TREB area is up 3.5% year-over-year and sits at $788,345. Detached homes make up 43.5% of the sales this November, while the condo market takes up 30.5%. But, when you break it down even further, the numbers get very interesting. Detached properties in the 416 area make up 27.7% of sales, while in the 905 area they make up 54.2%. To get a closer look at these numbers, check out my video analysis here.


Click here to download Toronto’s November market slides.
 

Vancouver, BC

The Real Estate Board of Greater Vancouver (REBGV) looks nothing like it did one year ago. The November 2018 M.O.I. is more than double last year. Sales dropped -42%, active listings rose 40% and M.O.I. sits at 7.6 in a year-over-year comparison. When reviewing the micro market sales, apartment properties take 50.5% of the sales, while detached sit at 32% and townhouses at 17.5%. Apartment and detached months of inventory couldn’t be any different, either. Detached M.O.I. sits at 11.2 while apartments are nearly half, landing at 5.7. This is an affordability issue that buyers and sellers need to be aware of. Take a much closer look at my REBGV analysis, including micro market benchmark statistics here.


Click here to download Vancouver’s November market slides.
 

Calgary, AB

Year-over-year, November sales for the Calgary Real Estate Board (CREB) dropped -16%, active listings rose 14%, and M.O.I. sits at 5.5. Month-over-month there is better news. M.O.I. actually dropped 0.1 – this was due to active listings dropping -22% in one month. My micro market sales comparison shows that 48% of properties sold in November 2018 were detached. 17.5% were attached properties, and 17% were apartments. It’s no surprise that detached properties held the lowest M.O.I., sitting at 5.1. Semi detached properties boasted the largest M.O.I. at 6.9. For a closer look at these numbers, check out my analysis here.


Click here to download Calgary’s November market slides.

 

Edmonton, AB

With an M.O.I. of 7.4, Edmonton is considered to be in a full buyers market. Sales dropped 11% year-over-year and active listings rose 10% in the same time period. Month-over-month, however, the market doesn’t appear to have shifted so violently. Sales are down 10%, active listings dropped 7%, so our M.O.I. only rose 0.2 compared to last month. An interesting number: 63.5% of all homes sold in the Edmonton Real Estate Board were detached properties. Prices fell -4.5% year-over-year for detached homes while row properties fell -3.5% and condos dropped -6%. For a full look at the numbers and analysis, check my video here.


Click here to download Edmonton’s November market slides.
 

 

Change is inevitable and I, for one, embrace it. Changes to our industry provide opportunities for us to evolve. Learn from the changes in 2018 to up your business in 2019. Right now is the perfect opportunity for you to focus and plan for the future. Study these micro market numbers and become a specialist for your clients. Embrace change and I promise you, your future will be as bright as you want it to be.

Remember, it’s a beautiful life, make it count.