inventory Archives - REM https://realestatemagazine.ca/tag/inventory/ Canada’s premier magazine for real estate professionals. Fri, 13 Sep 2024 18:29:25 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://realestatemagazine.ca/wp-content/uploads/2022/09/cropped-REM-Fav-32x32.png inventory Archives - REM https://realestatemagazine.ca/tag/inventory/ 32 32 Metro Vancouver home sales remain below seasonal averages as market finds balance: GVR https://realestatemagazine.ca/metro-vancouver-home-sales-remain-below-seasonal-averages-as-market-finds-balance-gvr/ https://realestatemagazine.ca/metro-vancouver-home-sales-remain-below-seasonal-averages-as-market-finds-balance-gvr/#respond Tue, 10 Sep 2024 04:02:41 +0000 https://realestatemagazine.ca/?p=34174 The market remains below the 10-year seasonal average but with increased inventory and balanced conditions, will the fall bring more buyers back?

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Last month’s Metro Vancouver home sales stayed below 10-year seasonal averages, according to the Greater Vancouver Realtors (GVR). The region’s residential sales totalled 1,904, marking a 17.1 per cent decline from the 2,296 sales the year before and 26 per cent less than the 10-year seasonal average (2,572).

“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics explains. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.” 

 

Buyers’ hesitancy + new listing activity result in accumulated inventory & balanced market conditions

 

4,109 new listings for detached, attached and apartment properties were on Metro Vancouver’s MLS in August, a 4.2 per cent increase from the 3,943 properties listed the year before. Despite the increase, the total was 1.7 per cent below the 10-year seasonal average (4,179).

The total number of properties listed for sale stands at 13,812, a 37 per cent rise from August 2023’s total of 10,082 and 20.8 per cent above the 10-year seasonal average of 11,432.

For all property types, the sales-to-active listings ratio in August was 14.3 per cent. By category, it was 9.6 per cent for detached homes, 18 per cent for attached homes and 17.2 per cent for apartments.

“Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis notes.

He says that with the Bank of Canada reducing the policy rate this month by another quarter percentage point, and with September being a time that often sees more seasonal sales, the fall market should bring more buyers off the sidelines.

 

Where prices landed

 

The composite benchmark price for all residential properties in Metro Vancouver currently sits at $1,195,900, 0.9 per cent less than August 2023 and 0.1 per cent less than July 2024.

By property type, detached home sales reached 509, a 13.9 per cent decline from 591 the year before. Apartment sales totalled 1,012 in August, 20.3 per cent less than the 1,270 sales in August 2023 and attached homes totalled 370 sales last month, 12.3 per cent less than the 422 sales of the prior year.

 

Review the full report here.

 

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August shifts throughout Calgary’s housing market: CREB https://realestatemagazine.ca/august-shifts-throughout-calgarys-housing-market-creb/ https://realestatemagazine.ca/august-shifts-throughout-calgarys-housing-market-creb/#respond Fri, 06 Sep 2024 04:01:05 +0000 https://realestatemagazine.ca/?p=34151 “Rising new home construction and gains in new listings are starting to support a better-supplied housing market … but supply levels remain low”

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Last month, Calgary’s market continued to move from the strong seller’s market conditions of the spring, the Calgary Real Estate Board (CREB) reports. More inventory and fewer sales brought months of supply to more than two months, a level unseen since 2022.

“As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,” says Ann-Marie Lurie, chief economist at CREB. “This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.”

 

More inventory driven by higher-priced properties; fewer sales thanks to lower-priced properties

 

Last month’s inventory reached 4,487 units, 37.3 per cent higher than the year prior but almost 25 per cent lower than long-term trends for August.

Higher-priced properties mostly drove these gains, with more new listings and less sales, at 2,186 — 19.5 per cent less than 2023’s record high yet 17 per cent higher than long-term averages for August. Sales declines were for homes priced below $600,000.

August’s unadjusted residential benchmark price was $601,800, 6.3 per cent higher than last year and slightly lower than last month. The average benchmark price rose by 9.0 per cent year-to-date.

 

Detached homes

 

Compared to a year ago, detached home sales fell by 14 per cent. August saw 2,011 detached homes in inventory, with over 85 per cent priced above $600,000, helping push the months of supply up to nearly two months.

August’s unadjusted detached benchmark price was $762,600, just under last month but over 9.0 per cent higher than last year.

 

Semi-detached homes

 

For semi-detached properties, the region saw 297 new listings and 172 sales, with a sales-to-new-listings ratio drop to 58 per cent that supported increased inventory and a months of supply jump to nearly two months.

This category’s August unadjusted benchmark price was $681,200, a drop from July but almost 10 per cent higher than last year.

 

Row homes

 

Last month, new listings for row homes priced above $400,000 added to year-to-date growth of about 16 per cent, while slower sales over the past quarter also boosted inventory gains. There were 660 row home units available, a 75 per cent increase over particularly low levels reported last year.

This category’s unadjusted benchmark price in August was $461,700, slightly lower than last month but over 12 per cent higher than the year prior.

 

Apartment condominium homes

 

August’s new listings of apartment condominium homes reached 1,001, a record high for the month. This was paired with declining sales, which caused the sales-to-new-listings ratio to fall to 60 per cent and inventories to rise to 1,476 units, with months of supply to rise to about two and a half months.

The month’s unadjusted benchmark price was $346,500, similar to July’s and almost 16 per cent higher than 2023’s prices.

 

Review CREB’s full reports for the city and region.

 

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Saskatchewan’s housing market sees strong sales and rising prices amid tight inventory: SRA https://realestatemagazine.ca/saskatchewans-housing-market-sees-strong-sales-and-rising-prices-amid-tight-inventory-sra/ https://realestatemagazine.ca/saskatchewans-housing-market-sees-strong-sales-and-rising-prices-amid-tight-inventory-sra/#respond Tue, 13 Aug 2024 04:01:01 +0000 https://realestatemagazine.ca/?p=33580 “Limited supply choice, specifically in the more affordable segment of the market, is likely preventing even stronger sales activity in our province”

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Saskatchewan’s housing market continued its strong performance in July, with the Saskatchewan Realtors’ Association (SRA) reporting 1,667 sales — a 7.0 per cent increase from the previous year and over 20 per cent above the long-term 10-year average. This marks the thirteenth consecutive month of above-average sales, contributing to year-to-date sales that are 10 per cent higher than July 2023 and 19 per cent above the 10-year average.

Although the year-over-year increase in new listings was modest, it had little impact on overall inventory, which remains 20 per cent lower than the previous year and over 40 per cent below long-term trends.

 

Supply constraints & strong demand placing upward pressure on prices

 

“Strong housing demand continues to support above-average monthly sales levels, preventing any significant inventory relief in many markets across the province,” says SRA CEO, Chris Guérette. “Limited supply choice, specifically in the more affordable segment of the market, is likely preventing even stronger sales activity in our province.”

In July, the province reported a residential benchmark price of $344,800, up from $343,300 in June and nearly 5.0 per cent higher than July 2023. Home prices increased across all property types, with year-over-year gains ranging from over 4.0 per cent for detached homes to 11 per cent for row/townhouse properties.

“With just over three months of inventory across the province — below two in some of our larger centres — it remains a challenging time for prospective buyers right now,” notes Guérette. She explains that supply constraints combined with strong demand are placing upward pressure on prices, as shown in record benchmark prices in some communities for the second consecutive month.

 

Province-wide sales above July’s 10-year average, despite declines in some regions

 

Despite slight sales declines in some regions, all provincial areas reported monthly sales figures above the 10-year average in July.

Year-to-date sales improved province-wide except in the Northern region, with the most significant growth in the Regina-Moose Mountain and Swift Current-Moose Jaw areas. The Saskatoon-Biggar region continues to report the tightest market conditions, with just 2.19 months of supply in July.

 

Price trends

 

Home prices rose across many economic regions in Saskatchewan in July, with the most significant gains in the Saskatoon-Biggar (7.0 per cent year-over-year) and Swift Current-Moose Jaw (5.0 per cent) areas. Other cities, including Regina, Estevan, Weyburn and Moose Jaw, also saw year-over-year price increases last month.

 

Regina

 

Regina reported 381 sales in July, a 10 per cent year-over-year increase and 26 per cent above the 10-year average.

Strong sales contributed to a 16 per cent gain in year-to-date sales, reaching some of the highest levels ever recorded at this point in the year. Despite a slight rise in new listings, inventory levels remain 43 per cent below the 10-year average. Regina’s benchmark price in July was $318,400, slightly up from $318,100 in June and 0.5 per cent above July 2023.

 

Saskatoon

 

Saskatoon saw 520 sales in July, a 5.0 per cent year-over-year increase and over 20 per cent above the 10-year average.

Limited supply continues to restrain even stronger sales in Saskatoon, with inventory levels 50 per cent below long-term trends. The city reported the tightest market conditions in the province, with just 1.60 months of supply. Saskatoon also recorded a new benchmark price high of $406,500 in July, up from $403,500 in June and over 7.0 per cent higher than July 2023.

 

Review the full report, including by province, city, CMA/CA, economic region and census division.

 

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July gets increased inventory & stabilized home prices as market shifts from extreme seller’s conditions: CREB https://realestatemagazine.ca/july-gets-increased-inventory-stabilized-home-prices-as-market-shifts-from-extreme-sellers-conditions-creb/ https://realestatemagazine.ca/july-gets-increased-inventory-stabilized-home-prices-as-market-shifts-from-extreme-sellers-conditions-creb/#comments Tue, 06 Aug 2024 04:02:35 +0000 https://realestatemagazine.ca/?p=33418 “More options in both the new home and resale market have helped take some of the upward pressure off home prices this month”

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Now that the busy spring market is behind us, Calgary is beginning to see some shifts in supply levels, the Calgary Real Estate Board (CREB) reports.

July recorded 2,380 sales and 3,604 new listings, resulting in a sales-to-new listings ratio of 66 per cent, which has supported an inventory increase of up to 4,158 units. While this is still 33 per cent below the typical July average, it’s the first time surpassing 4,000 units in almost two years. Most of the supply growth occurred for homes priced above $600,000 and has helped to ease the spring’s extreme seller’s market conditions.

“While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month,” notes Ann-Marie Lurie, chief economist at CREB. “This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices.”

 

Higher supply: Still favouring sellers but lowering prices

 

July sales were 10 per cent less than last year’s record high but remained higher than long-term monthly trends. Despite this, the increase in inventory combined with slower sales caused the months of supply to rise to 1.8 months, still favouring sellers but much improved from the under one month earlier this year.

This extra supply helped slow price growth for all property types. July’s total residential benchmark price was $606,700, close to June’s price and almost 8.0 per cent higher than 2023’s levels.

 

Detached homes

 

Detached home sales in July fell by 8.0 per cent, as a 15 per cent rise in homes priced above $600,000 was not enough to offset a 50 per cent decline in lower-priced homes. Year-to-date detached sales have eased by just over 1.0 per cent compared to last year.

The city saw 1,098 sales and 1,721 new listings this month, with inventories reaching 1,950 units, which helped push the months of supply up to nearly two months. The unadjusted benchmark price in July was $767,800, similar to last month but 11 per cent higher than last July.

 

Semi-detached homes

 

Although semi-detached home sales slowed slightly compared to last year, year-to-date sales reached 1,518 units, 6.0 per cent higher than in 2023. However, conditions remain tight with a 76 per cent sales-to-new listings ratio and 1.5 months of supply.

The pace of monthly price growth has slowed, but the unadjusted benchmark price of $687,900 is nearly 12 per cent higher than last year.

 

Row homes

 

More new row home listings compared to total lower sales caused the sales-to-new listings ratio to fall to 73 per cent in July, raising the months of supply to 1.3 months.

Although conditions still favour sellers, the change stopped further monthly price gains, though the benchmark price of $464,200 is still nearly 15 per cent higher than 2023.

 

Apartment condominium homes

 

July sales decreased to 659 units, with a large drop in sales for properties priced under $300,000. There were 1,043 new listings last month, causing the sales-to-new listings ratio to drop to 63 per cent which helped raise months of supply to over two months.

Monthly price growth has slowed, but the unadjusted benchmark price of $346,300 is still 17 per cent more than levels from the same time last year.

 

Review CREB’s full reports for the city and region.

 

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Bank of Canada lowers interest rate again: What this means for the housing market https://realestatemagazine.ca/bank-of-canada-lowers-interest-rate-again-what-this-means-for-the-housing-market/ https://realestatemagazine.ca/bank-of-canada-lowers-interest-rate-again-what-this-means-for-the-housing-market/#comments Thu, 25 Jul 2024 04:02:33 +0000 https://realestatemagazine.ca/?p=33186 With mortgage qualification thresholds easing, sidelined buyers might soon re-enter the market. Expect increased activity in the fall as inventory builds and confidence grows

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Yesterday, the Bank of Canada lowered its overnight lending rate by 25 basis points to 4.5 per cent, the second consecutive rate cut this year.

The Bank says that growth in the Canadian economy has picked up but is still below long-term potential and that our economy’s weakness is across both household consumption and the housing market, with the labour market softening.

Although the Bank expects growth to increase later this year and into 2025, it notes that excess supply will continue to put downward pressure on inflation.

 

Sidelined buyers may return to many options, activity should pick up in the fall

 

Karen Yolevski, COO of Royal LePage Real Estate Services Ltd., weighs in: “Our research shows that many buyer hopefuls have been waiting for a concrete signal from the Bank of Canada that the economy is moving in the right direction. A second cut to the overnight lending rate indicates just that, and with mortgage qualification thresholds continuing to come down, sidelined buyers may have the confidence they need to make their return to the housing market.

We expect this will prompt a slight boost in activity in the short term, followed by more robust buyer demand in the fall. In the meantime, some much-needed inventory has been building in major markets over the last few months, giving buyers more options to choose from. In addition to lower rates, this may also encourage more buyers to re-enter the market in the near future.”

 

More than rate cuts needed for sales recovery

 

Zoocasa points out that following June’s rate cut, home sales didn’t recover as many expected — with non-seasonally-adjusted national sales down by 10.9 per cent from May to June and GTA and Metro Vancouver sales down by more than 10 per cent.

As well, the Canadian Real Estate Association adjusted its annual housing market forecast to 6.2 per cent growth from its original 10.5 per cent in April. This is reflected in excess inventory levels the Toronto Regional Real Estate Board reports, with active listings up 67.4 per cent year-over-year in June.

This may not be surprising, given that a recent survey reports 42.3 per cent of respondents note home prices being their main concern about buying in today’s market, with interest rates (25.6 per cent) and economic uncertainty (14.9 per cent) following.

Christopher Alexander, president, Re/Max Canada, seems to agree: “The Bank of Canada’s decision to decrease its key interest rate by a quarter of a percentage point is welcome news for Canadian homebuyers who are still contending with a high cost of living and higher interest rates than we’ve seen in a long time.

We’ll likely need to see interest rates come down further for the housing market to kick into high gear again, but if they continue trending downward, there’s a possibility of a more active fall market.”

 

Good news for commercial real estate

 

Avison Young’s Mark Fieder, principal and president, Canada, notes that the rate drop will positively impact investor sentiment.

“Commercial real estate (CRE) return metrics are improving compared to other asset classes, and we expect this will further fuel investor appetite and capital allocation into CRE,” he says.

“We have been in a very uncertain interest rate environment over the last two years. This second rate drop certainly shows the Bank’s confidence in the inflation data and reinforces the fact that we are finally shifting into a different interest rate regime.”

 

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Metro Vancouver home sales decline in June as inventory hits pre-pandemic levels: GVR https://realestatemagazine.ca/metro-vancouver-home-sales-decline-in-june-as-inventory-hits-pre-pandemic-levels-gvr/ https://realestatemagazine.ca/metro-vancouver-home-sales-decline-in-june-as-inventory-hits-pre-pandemic-levels-gvr/#respond Wed, 10 Jul 2024 04:02:56 +0000 https://realestatemagazine.ca/?p=32751 Metro Vancouver home sales in June stay below average, with inventory climbing. Learn how this trend is impacting the real estate market

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Metro Vancouver home sales in June stayed below average, at 2,418 (19.1 per cent less than a year prior and 23.6 per cent below the 10-year seasonal average), with inventory climbing to levels not seen since spring 2019, Greater Vancouver Realtors (GVR) reports.

“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” Andrew Lis, GVR’s director of economics and data analytics notes. 

“This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.”

 

Inventory accumulating with more stable prices, well-priced properties still selling quickly

 

Last month, the region saw 5,723 detached, attached and apartment properties newly listed for sale, a seven per cent increase compared to June 2023 and three per cent above the 10-year seasonal average.

Currently, there are 14,182 properties listed for sale on the MLS system in Metro Vancouver, 42 per cent more than the year prior and 20.3 per cent above the 10-year seasonal average. Across all property types, June’s sales-to-active listings ratio is 17.6 per cent. 

“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest,” Lis says.

“But June’s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.”

 

Prices

 

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,207,100, a 0.5 per cent increase from the year prior and a 0.4 per cent decrease from May 2024.

Currently, the benchmark price for a detached home is $2,061,000, an apartment home is $773,400 and a townhouse is $1,138,100.

 

Review the full report here.

 

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Calgary sees 13% drop in sales amid supply challenges, rising prices and bidding wars: CREB, Wahi https://realestatemagazine.ca/calgary-sees-13-drop-in-sales-amid-supply-challenges-rising-prices-and-bidding-wars-creb-wahi/ https://realestatemagazine.ca/calgary-sees-13-drop-in-sales-amid-supply-challenges-rising-prices-and-bidding-wars-creb-wahi/#respond Mon, 08 Jul 2024 04:02:20 +0000 https://realestatemagazine.ca/?p=32451 “It continues to be a competitive market for some buyers with over 40% of homes sold selling over list price”

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Last month, Calgary had 2,738 residential sales, 13 per cent less than last year’s record high, the Calgary Real Estate Board (CREB) reports. However, this is over 17 per cent more than long-term trends.

“The pullback in sales reflects supply challenges in the lower price ranges, ultimately limiting sales activity,” says Ann-Marie Lurie, chief economist at CREB. “Inventory in the lower price ranges of each property type continues to fall, providing limited choices for potential purchasers looking for more affordable product. It also continues to be a competitive market for some buyers with over 40 per cent of the homes sold selling over list price.”

 

Inventory and prices

 

New listings were also lower in June, which left the sales-to-new-listings ratio at 72 per cent. At 3,789 units, inventory was improved compared to last year, but this is 40 per cent below long-term trends.

Months of supply is relatively higher, at 1.4 months, with rising prices in all districts and conditions favouring sellers. June’s unadjusted benchmark price was $608,000, almost nine per cent higher than last year.

Source: CREB

 

Detached homes

 

There was a 16 per cent year-over-year sales drop in detached homes across the city, with new listings 45 per cent below long-term trends for June and 1,775 detached homes in inventory. At $767,600, the unadjusted benchmark price was almost one per cent higher than in May and 12 per cent higher than the year prior.

 

Semi-detached homes

 

New listings were low in this property type last month, with the sales-to-new-listings ratio up to 76 per cent for semi-detached homes. With just over one month of supply, inventory remained at about half of what’s typical in June. The unadjusted benchmark price rose one per cent from last month and 12 per cent from last year, reaching $686,100

 

Row homes

 

Row home sales slowed in June relative to the past two years, and this property type’s sales-to-new-listings ratio fell to 75 per cent, the lowest June level since 2021. With about one month of supply and an unadjusted benchmark price of $464,600, about 17 per cent higher than last year, conditions are tight.

 

Apartment condominium homes

 

791 apartment condominium home sales occurred in June, nearly eight per cent less than last year. This was mainly for lower-priced properties. However, year-to-date apartment sales are up by 13 per cent and at record-high levels. Sales-to-new-listings fell and inventory was up, but mainly in higher-priced properties. Prices increased by over 17 per cent from last year, reaching $344,700. 

 

Where buyers are going for more affordable homes

 

Calgary’s market has been going strong, including from a huge amount of interprovincial migration to Alberta last year. That said, it remains relatively affordable compared to other major Canadian markets, and there are several areas in the city where buyers can get a single-family home for $500,000 or less, a recent report from Wahi reveals. This was found in 40 neighbourhoods between January and May this year.

The southwest part of the city is home to the 10 most affordable of the neighbourhoods with two in Northwest Calgary and a third in Northeast Calgary.

 

Source: Wahi

 

Bidding wars for Calgary’s single-family homes under $500,000

 

Despite the relatively lower home prices in some areas, about 65 per cent of the city’s neighbourhoods where the median price of a single-family home was below $500,000 were in overbidding territory through the first five months of the year.

Southwest’s Cedarbrae was leading in this, with selling prices about nine per cent above asking. The neighbourhood with the lowest single-family home median price ($295,000), Woodlands in the southwest, saw overbidding by five per cent.

The city’s higher-priced neighbourhoods and properties are also being overbid, as nearly half of Calgary’s neighbourhoods were in overbidding territory from January to April.

 

Review CREB’s full reports for the city and region.

 

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May Canadian home sales drop slightly as new listings increase: Is a market revival coming? https://realestatemagazine.ca/may-canadian-home-sales-drop-slightly-as-new-listings-increase-is-a-market-revival-coming/ https://realestatemagazine.ca/may-canadian-home-sales-drop-slightly-as-new-listings-increase-is-a-market-revival-coming/#comments Mon, 24 Jun 2024 04:03:56 +0000 https://realestatemagazine.ca/?p=32165 We’ve had more available homes and mostly flat prices, but the Bank of Canada’s recent interest rate cut may soon boost buyer activity

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National home sales in Canada edged down 0.6 per cent month-over-month last month, with actual monthly activity coming in 5.9 per cent below May 2023 levels.

On the other hand, sales activity remained below the 10-year average, as the number of newly listed properties increased by 0.5 per cent month-over-month in May.

 

More homes for sale across Canada thanks to new listings and slow sales

 

More new listings amid slower sales have led to an increasing number of homes for sale across most Canadian markets. About 175,000 properties were listed for sale nationally at the end of May 2024, representing a 28.4 per cent increase from a year earlier, but remaining below historical averages. There were 4.4 months of inventory nationally, up from 4.2 months in April, the highest level for this measure since the fall of 2019.

The MLS Home Price Index dipped 0.2 per cent month-over-month in May. The non-seasonally adjusted national average sale price was down 4.0 per cent year-over-year at $699,117.

 

Largely flat prices with a few anomalies

 

Home prices are largely flat across most markets, except for steady increases in Calgary, Edmonton and Saskatoon.

The national sales-to-new listings ratio eased to 52.8 per cent, still within the 45-65 per cent range for balanced market conditions. The non-seasonally adjusted national average sale price was down 4.0 per cent year-over-year.

 

Lower interest rates & the psychological effect on homebuyers

 

The Bank of Canada’s recent 25 basis point rate cut is expected to have a significant psychological effect on potential homebuyers who have been sitting on the sidelines, bringing pent-up demand back into the market.

However, the pace and extent of further rate cuts will determine the impact on the housing market.

 

Canadian housing activity saw another quiet month in May, with sales edging slightly lower and new listings moving only a little higher. We’ll see what happens in the coming months, when the Bank of Canada’s rate cut is expected to create a revival.

 

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Strong sales in Saskatchewan keep inventory at lowest levels since 2008: SRA https://realestatemagazine.ca/strong-sales-in-saskatchewan-keep-inventory-at-lowest-levels-since-2008-sra/ https://realestatemagazine.ca/strong-sales-in-saskatchewan-keep-inventory-at-lowest-levels-since-2008-sra/#respond Tue, 18 Jun 2024 04:02:18 +0000 https://realestatemagazine.ca/?p=32005 “An eleventh consecutive month of above-average sales is quite impressive when you consider how challenging it can be for prospective buyers in some markets”

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Saskatchewan reported 1,841 sales in May, which was a six percent year-over-year and 24 per cent long-term average increase, according to the Saskatchewan Realtors Association (SRA). The province also saw new listings go up, though strong sales are keeping inventory at its lowest levels since 2008. This is most prevalent for properties priced below $300,000, a very competitive segment.

The residential benchmark price was $340,400 in May, up from $339,800 in April and over four per cent higher than May of last year. All property types saw price increases, the highest being in apartment and row/townhouse-style properties.

“Our housing market continues to report strong monthly sales figures despite persistent inventory challenges,” says SRA CEO Chris Guérette. “An eleventh consecutive month of above-average sales is quite impressive when you consider how challenging it can be for prospective buyers in some markets in our province right now.”

 

Regina

 

The City of Regina reported 440 sales in May, a five per cent year-over-year gain and 32 per cent above long-term trends. New listings were slightly up, though strong sales left inventory nearly 50 per cent below long-term trends, with 1.69 months of supply.

Regina’s benchmark price of $320,000 was up from 319,800 in April and two per cent higher than May 2023.

 

Saskatoon

 

Saskatoon reported 573 sales in May, a seven per cent year-over-year and 28 per cent long-term average increase. Inventory levels decreased by 21 per cent year-over-year and are almost 50 per cent below long-term trends. Saskatoon reports the province’s lowest inventory levels.

The city’s benchmark price of $397,200 was down from 398,600 in April and nearly six per cent higher than in May 2023.

“While the provincial months of supply fell below three months in May, conditions remain much tighter in our two largest centres – as Regina and Saskatoon are again reporting less than two months of supply,” says Guérette. “With further rate cuts on the horizon likely to spur additional demand — and no immediate inventory relief in sight — we expect tight conditions to continue to place upward pressure on prices across the province.”

 

Review May data by province, city, CMA/CA, region or census division.

 

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B.C. sees a balanced market as summer approaches https://realestatemagazine.ca/b-c-sees-a-balanced-market-as-summer-approaches/ https://realestatemagazine.ca/b-c-sees-a-balanced-market-as-summer-approaches/#respond Fri, 14 Jun 2024 04:02:29 +0000 https://realestatemagazine.ca/?p=31927 "Markets couldn’t match the surge in home sales that occurred this time last year, (but) we’re starting to see a pickup in sales activity”

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Last month in British Columbia, there were 8,075 residential sales, 11.6 per cent less than the same time last year, according to the British Columbia Real Estate Association (BCREA).

 

Average price and total sales

 

B.C.’s average listing price in May was down to $1 million, a 1.5 per cent drop compared to the average price of $1.02 million in May 2023. As well, total sales dollar volume was down in the same period by 13 per cent, to $8.1 billion.

“Markets could not match the surge in home sales that occurred this time last year,” says BCREA chief economist Brendon Ogmundson. “However, we are starting to see a pickup in sales activity to more normal levels, which, combined with rising inventory, is helping to keep markets in balanced territory.”

 

Year-to-date

 

So far this year, B.C. residential sales dollar volume is up 2.7 per cent to $31.5 billion, compared with the same time in 2023. Residential unit sales were flat year-over-year at 31,573 units, and the average listing price was up 2.6 per cent to $997,899.

 

Get more details here.

 

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