The federal election is over and after a very tight race, one that revealed a lot about where we stand as a country, we are headed back into a real estate market with a Liberal minority government.
I see a lot of very positive things from this month’s real estate board data. Affordable living is still a major topic in large metropolitan areas of the country but barring any interest rate hikes or unforeseeable changes in government policy, I think the last couple months of 2019 will be strong ones for real estate across the country.
In this month’s Market Update, I take a closer look at total monthly sales over the last 3 years in each one of the markets. This is highly valuable data that you can provide to both buyers and sellers alike during your presentation. Review all of the data below in my monthly market update videos.
There may be snow covering the streets of Toronto, but the Toronto Real Estate Board is reporting red hot numbers for the month of October. Month over month, TREB saw sales jump 8.5% to 8491 total. Months of inventory dropped 17.9% and currently sits at 1.8, the lowest we have seen all year.
Year over year data looks just as impressive. Sales were up 14% from this time last year and the average sales price is up 5.5%, currently sitting at $852,000. Months of inventory is the lowest it’s been since the foreign home buyers tax was implemented in 2017.
What do total monthly sales look like the last 3 years? Take a detailed look at the data and provide this valuable insight to both buyers and sellers alike.
Calgary saw some positive growth in month over month sales but the average price did drop. CREB reported 1447 total sales in October, up 5.5% from September’s 1371 total sales. Months of inventory also dropped 10.7% to 4.5, however the average price of a home in Calgary fell marginally by 1.6%.
Year over year, sales are up 9.6%, but the average price dropped 3% and currently sits at $454,000.
There are very positive signs when it comes to Calgary’s total monthly sales. CREB’s data shows that their market is rebounding nicely and 2019 is closely shadowing 2017’s output. To take a look at all the data, watch my market update video now.
The Edmonton Real Estate Board is reporting very steady numbers for the month of October. With months of inventory sitting at 5.9, we are looking at a very balanced market in Edmonton with not a lot of movement one way or the other.
Month over month, sales dropped 3.8%, months of inventory dropped 3.2% and the average price of a home in Edmonton rose slightly by 0.6%. Year over year, sales are up 8.1% in October, however the average price has dropped 1.5%.
What can we expect from Edmonton’s market going forward? The data I’ve collected looking back at 3 years of total sales show us some interesting patterns. Take a look at this data and provide some valuable insight during your presentations. You can find all of my EREB statistics here.
The hottest market in Canada this past October may not have been in Toronto! The Real Estate Board of Greater Vancouver is reporting some red hot data this past month. Month over month sales were up 22.5%, months of inventory dropped 25.7% and the benchmark price rose slightly by 0.2%. This is the first time the benchmark price has risen in REBGV since May 2018.
Year over year, total monthly sales shot up 45.4% to 2858 compared to 1966 last October. Benchmark price has fallen 6.5% during that same time period.
With such a strong October, where can we expect Vancouver’s housing market to land during the last 2 months of 2019? For an in-depth look at all of the data, including a 3 year outlook on total month sales, take a look at my video here.
FRASER VALLEY, BC
The Fraser Valley Real Estate Board did it’s best impression of the Real Estate Board of Greater Vancouver. Looking almost identical, FVREB is reporting that month over month sales are up 18.5%, months of inventory is down 21.5%, unfortunately, average price fell 1.8% and sits at $720,000.
Year over year I am seeing some very positive data. Total monthly sales are up 37.8% to 1592 compared to 1155 this time last year. The average price of a home in the Fraser Valley Real Estate Board fell only 0.5% in that same time period.
My 3 year historical outlook on total monthly sales is valuable data you need to use! Take a look at these stats, plus all of my other data in greater detail by watching my FVREB video here.
Remember, it’s a beautiful life, make it count.