HOUSING MARKET FACTS CREB NOV. 2018

Wednesday, December 5, 2018Norm Rousseauposted in CREB Market Statistics

Detached

• Detached sales declined across all districts in November. With citywide sales of 679 units, activity remains 21 per cent below Housing Market Facts for November 2018 with typical levels for the month.

• New listings eased by three per cent compared to last year, due to declines mostly in the North East, North and South East districts. Year-to-date new listings this year have increased in all areas except the North East and East districts.

• Inventories in the detached sector totalled 3,491 units, 26 per cent higher than last year’s levels. Months of supply sits at five months, well above the three-month typical for November.

• Detached benchmark prices totalled $486,000 in November, a one per cent decline over last month and a three per cent decline over last year. This is nearly seven per cent below monthly highs recorded in October 2014.

• Prices have eased across all districts in November. On a year-to-date basis, the largest declines this year have occurred in the North East and North districts. This is likely due to the increased competition from the new-home sector. The districts that remain furthest from price recovery are the North West and South districts.

Apartment

• Despite year-over-year gains in sales in November, citywide apartment sales have totalled 2,557 units so far this year. This is five per cent lower than last year and 21 per cent below long-term averages.

• The majority of activity in condos is located within the city centre, representing nearly 48 per cent of all the sales activity.

• Following years of oversupply, the number of new listings in the apartment sector continues to ease, helping prevent further significant gains in inventories and even contributing to inventory reductions in the South, East and North East districts.

• Despite some adjustments in inventories, most areas continue to struggle with oversupply, causing further price declines. Price declines this year have ranged from a high of nearly six per cent in the East district to a low of two per cent in both the City Centre and North West districts.

Attached

• Year-to-date attached sales totalled 3,344 units, a 16 per cent decline over the previous year and 14 per cent below long-term averages. Sales activity eased across most districts except for the North East, where sales remained relatively stable because of improvements in row activity.

• Overall, rising new listings continue to place upward pressure on inventory levels and the gains have mostly occurred with semi-detached product.

• Oversupply conditions have weighed on prices. In November, the semidetached benchmark price totalled $400,700. This is a monthly and year over year decline of 0.67 and 3.3 per cent, respectively. Recent price declines have caused this sector to erase any of the gains that occurred last year, as year-to-date prices remain comparable to 2017 levels.

• Row prices have also been edging down, but at a slower pace than semidetached product. As of November, row prices were $292,900, a 0.2 per cent decline from last month and just over three per cent below last year’s levels. Overall, year-to-date prices remain nearly two per cent below last year’s levels and nearly 10 per cent below previous highs.

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