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Real Estate Market Updates | June 2018

June 2018 market stats are in for the four major Canadian real estate markets – Toronto, Vancouver, Calgary and Edmonton. We are more than half way through 2018 and with Q3 just beginning, we now have substantial historical data to accurately predict where these markets are heading. Take a look at the market updates below.

[DISCLAIMER] These videos were recorded live at Masters Academy Vancouver 2018.

Toronto (GTA), ON

Toronto’s market continues its resiliency. While much is the same, the numbers don’t lie, the Toronto market is strong. Detached properties are the only type of housing that is above three months of inventory; semi-detached, condo townhouses and condo apartments are all below two months of inventory in the month June. The overall M.O.I. fell by 0.1 from May and prices increased on average to $808,000. Year-over-year, sales are up 2.4% active listings are up 5.9% and average price is up 2%. Have a look below:

 

Vancouver, BC

Vancouver’s market is a doubled edged sword at the moment. Year-over-year, sales are down a whopping 37.7%, M.O.I. has more than doubled and sits at 4.6, but the average price of a property has risen 9.5% and sits at $1,090,000. In comparison to May 2018, sales are down, active listings rose slightly, and prices stayed nearly identical. As it has been for a while now, detached inventory sits at 8.5 months of inventory with the average home selling at $1,600,000. Townhouses are a much stronger market with 4 M.O.I. and an average price of $860,000. Apartments sit with 3 M.O.I. with an average selling price of $704,000. For a deeper dive on the Vancouver real estate market, check out my video below:

Calgary, AB

Sales increased and M.O.I. dropped 0.3 in comparison to May 2018, however average price dropped to an average of $436,000. Year-over-year the numbers are unwelcoming with sales down 11.2%, M.O.I. up 49%, D.O.M. up 19.7% and average price down 1.1%. Looking into Calgary’s micro markets, the detached property market is the strongest with four M.O.I. and an average price of $503,000. Calgary’s weakest market is it’s apartments with an average price of $259,000 and 6.4 M.O.I. respectfully. For my complete analysis of Calgary this month, take a look below:

 

Edmonton, AB

Edmonton is replicating Vancouver’s June output with lower sales, higher months of inventory but higher average price as well. Month-over-month, Edmonton’s sales were down and M.O.I. is up, however average price rose to $378,000 – an $18,000 increase from January 2018. Year-over-year, sales are down 10.1%, M.O.I. is up 32.6% and sits at 6.1, and average price is down 3.8%. For deeper look at the numbers, watch my video below:

 

 

Regardless if your markets numbers were higher or lower than expected, use this information to strengthen your abilities as a salesperson and help your clients who depend on your market intelligence.

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