Year-over-year, in many of the Canadian real estate markets, we are seeing a consistent decrease in home sales for September 2018. Months of Inventory (MOI) in each of the 4 cities I reviewed have all gone up and year-to-date sales, unsurprisingly, have decreased as well. Looking across the country I see one thing in common: Canadian real estate requires a different type of real estate professional to succeed in this climate.
The same sales techniques you used last year won’t cut it this year. You need to up your game and have home buyers and sellers alike tripping over the truth. Guide them into seeing what the market is actually doing. Continue to serve your clients and help them make the best decisions they can. If you do that, you’ll continue to find success, regardless of what the market is doing.
Toronto (GTA), ON
The Toronto Real Estate Board (TREB) continues its reign as Canada’s strongest real estate market. TREB boasts the only market in this review in which sales went up year-over-year, with a 1.9% increase. Active Listings also increased to 5.6%, with MOI increasing to 3.1. One of the more striking statistics came in our year-to-date comparison where we found sales were off -18%. Overall, the Toronto real estate market is quite healthy and certainly enjoys the most desirable numbers in my September review. To see my full review, watch the video below.
The Real Estate Board of Greater Vancouver (REBGV) has certainly seen better days. There isn’t a lot to envy while looking at the newest numbers from the REBGV. Home sales are down a whopping -44%, Active Listings are up 38% and MOI now sits at 8.2 (this time last year, Vancouver’s MOI was just 3.3). Year-to-date, we are down -29% and sit just below 20,000 sales in 2018 so far. The detached market continues to rise and sits at 12.8 MOI. Townhouses sit at 7.1 MOI and apartments have the strongest micro market with 5.7 MOI.
The Calgary Real Estate Board (CREB) is following this month’s trend. Sales are down -13%, Active Listings are up 16%, and MOI is up to 6.2. Calgary’s detached market continues to be the strongest, sitting at 5.5 MOI, while every other micro market sits above 7 MOI. With sales declining and active listings on the rise, I wouldn’t be surprised to see much of the same for CREB’s next monthly report.
The Edmonton Real Estate Board (EREB) might be the most consistent market I review today. While sales are down -8% and MOI has increase to 7.3, Edmonton’s year-to-date sales are impressively on par with 2017. Year-to-date sales have only decreased -3.3%, which in comparison to our previous markets, is an envious statistic.
Use this information to strengthen your relationship with clients and help buyers and sellers alike make better decisions.
Remember, it’s a beautiful life, make it count.