● Year-over-year sales activity has improved in each sector of the market. However, overall activity remains below long-term averages in most segments.
● Despite the year-over-year rise of detached new listings in April, overall inventory levels continue to remain 20 per cent below last year’s levels, keeping months of supply at 2.09.
● Growth in new condominium apartment listings continues to outpace growth in sales. This is leading to higher inventory levels and a month of supply that’s nearly six months.
● Oversupply in the apartment condominium sector is placing further downward pressure on pricing. In April, apartment benchmark prices totaled $269,200, which is 0.19 per cent blow last month and 4.23 per cent below last year’s levels. To date, apartment prices have contracted by nearly 12 per cent over 2014 highs.
● Semi-detached prices totaled $390,200 in April, a 0.15 per cent increase compared to last month and 1.72 per cent higher than prices recorded one year ago. Meanwhile, row prices totaled $305,900 in April, 0.59 per cent above last month, but 2.83 per cent below last year.
● Year-to-date sales activity has either improved or remained at the same level as last year in all districts except the NE. Much of this growth is fueled by improved detached activity.
● Within the detached sector, year-to-date benchmark prices have improved in the North West, West and East areas of the city compared to last year.