Beauty Contests and Price Wars
March stats are in and so are this month’s Real Estate Market Update videos for 4 of Canada’s major markets: Toronto | Vancouver | Calgary | Edmonton.
Check out Richard’s insights and predictions below for the coming months.
Toronto (GTA), ON
Year-over-year we are seeing significant changes. That said, many factors come into play when comparing March 2018 to March 2017. The new foreign buyer tax was set, the interest rate increases, mortgage stress testing, tenancy rules changing, and yes even weather can impact a market. Yes, sales are down by almost 40% and inventory is up by 103%, but the sky is NOT falling. Toronto was in an unsustainable real estate frenzy this time last year, and we are seeing a much healthier, more balanced market now which is good for everyone. For a more detailed look at the stats and my analysis, take a look at the Toronto Market Update video below.
Sales in 2018 in Edmonton have increased steadily since January with March ending at 992 sales. Inventory has followed suit as well with March 2018 landing at 5,832 active listings (an increase of over 27% since January 2018). March 2018 did see a drop in sales from March 2017, and a 15.7% increase in inventory. Micro markets are the most interesting stats, so check out my Edmonton Market Update below for a more detailed analysis.
Comparing March 2018 to March 2017, sales are down just over 27% and inventory is up almost 25%. This means as of March 2018, Calgarians are working with roughly 4.6 months of inventory. There’s no doubt you are in a shrinking market which means there are fewer sales happening for the same amount of people. That said, do not let the market dictate your success. Now is the time to improve your skills and relationships to ensure you are the obvious agent of choice. For a deeper dive into the micro markets and other stats – take a look at the full market update below.
The stats for the Real Estate Board of Greater Vancouver this month are showing some significant changes. Compared to February 2018, March 2018 sales are down 30%, overall inventory is up 10.5%, and the average months of inventory is sitting at 3.3 months. Most notable though are the micro market stats for Detached, Apartments and Townhouses. Detached homes are sitting at 7 months of inventory while Apartments and Townhomes are at 1.6 and 2.5 months, respectively. Affordability continues to be a factor but there’s good news in all of this. For detailed stats, my predictions and most importantly what to do in this market, take a look at my update video below.
Remember, we can’t control the markets, but we can control how we react to them. Now is the time for innovation and learning.
Until then, make it count.