Trends agents need to know about in the constantly evolving real estate industry.
How did your market perform in 2016?
Toronto has major impact on overall stats
February sales were up in 70% of all markets, according to the Canadian Real Estate Association, but the national increase was largely driven by increased activity in the Greater Toronto Area and its surrounding area.
“Housing market trends continue to differ by region,” CREA President Cliff Iverson said. “Homes are selling briskly throughout the Greater Toronto Area and nearby communities. Elsewhere, competition among potential buyers is less intense, so listings take longer to sell.”
Further policy on the horizon?
Speaking of Toronto, CREA’s latest stats have forced one big bank to call for region-specific housing policies in a bid to cool the market.
“The trajectory of the Greater Toronto Area’s (GTA) housing market is not written in stone. It’s largely a function of policy,” CIBC said in its latest research note. “Policymakers are needed because the GTA is not a normally functioning market. Legislation-driven land constraints suggest that we are in a classic case of market failure, in which the invisible hand will not find the optimal path.”
Toronto’s average home price jumped 27.8% year-over-year in February to $875,983.
British Columbia’s woes continue
Markets in BC continue to struggle, specifically Vancouver.
Home sales drastically dipped in February, falling 42.1% year-over-year to 2,461 total homes sold.
The average price, meanwhile, fell 9.8% year-over-year to $995,583.
Overall, BC’s home sales fell 31.7% and the average price dropped from $779,419 in February 2016 to $688,011 (-117%).
Inventory down in major markets
“The number of months of inventory in February 2017 stood below one month in the GTA, Hamilton-Burlington, Oakville-Milton, Kitchener-Waterloo, Cambridge, Brantford, Guelph, Barrie & District and the Kawartha Lakes region,” CREA said.
New listings in Vancouver, meanwhile, fell month-over-month by nearly 25% -- reaching the lowest level since 2001.
Underdog market has impressive month
Prince Edward Island is often overlooked when talking about real estate, but it quietly had a solid month for home prices.
February saw its average home ump 25% year-over-year to $212,033.
Sales, meanwhile, fell 10.7% to 108 total sales.
CREA releases monthly housing stats