Apartment October 2, 2108
• The apartment sector has seen the slowest decline in sales at six per cent so far this year. Like the detached sector, activity remains over 20 per cent below long-term averages, totaling 2,103 sales.
• For the fourth month in a row, new listings have generally trended lower than levels recorded last year. This has helped reduce some of the inventory in the market compared to the previous year.
• However, even with some reductions in inventory levels, the market continues to remain firmly in buyer's territory when compared to the reduction in sales.
• With more supply than demand, benchmark prices for apartment condominium continued to ease in September, declining by 0.4 per cent over last month and 2.7 per cent compared to last year.