The May 2018 numbers are in for the four major Canadian real estate markets – Toronto, Vancouver, Calgary, Edmonton. For an insightful look at the stats and facts in each of these markets, take a look at the market updates below.
Toronto (GTA), ON
Welcome to RRI’s May 2018 TREB Real Estate Market Update. There’s some good news and there’s some bad news. Let’s start with the bad news. Sales are down just over 22% year over year, listing inventory is up 13.2%, average prices are down (just slightly), Months of Inventory and average days on market are up. Overall not great numbers, however, we are still in a healthy, balanced market. The most revealing stats are when we look at core of the City of Toronto. A whopping 40% of the total TREB sales were in the City of Toronto where there is just 1.9 Months of Inventory – a very strong market in the 416 area code. As you move out of the city core, markets weaken. For a deeper dive in these stats, view the market update video below:
We have some staggering numbers this month for Vancouver. May 2018 suffered a 35% drop in sales year over year, a 38% increase in active listings leaving Months of Inventory hovering at 4 months – which is a 122% increase over this time last year. There’s no denying these numbers, Vancouver is facing a new reality and it’s time to adapt. There is, however, some good news here. For a deeper dive on the Vancouver real estate market, check out my video below:
We’ve seen similar trends across Canada, there’s some good news and bad news for Calgary real estate. Bad news first. Sales are down 18.4% sales year over year, listing inventory is up 35% – equating to 4.9 Months of Inventory – up from 2.9 in May 2017. The good news – when we look at January to date in 2018 — Calgary is a very stable market. This year so far, sales have been going up and days on market coming down. For my complete analysis of Calgary this month, take a look below:
Edmonton sales are down slightly in May 2018 over May 2017 but not a significant decrease. Active listings however are up 17% pushing the Months of Inventory up to 5.5 months, from 4.5 months in 2017. Composite benchmark pricing and Average Days on Market have remained relatively stable. The good news is looking at January 2018 to date we’ve seen sales increase steadily and Months of Inventory have drop. For deeper look at the numbers, watch my video below:
I hoped you enjoyed this month’s market updates. The best advice I can give you is this: You can’t control the market, but you can certainly control how we react to them.
Until then, make it count.