MARKET QUICK LINKS: Toronto | Calgary | Edmonton | Vancouver
The full impact of COVID-19 on Canadian Real Estate markets has not yet played out as you will see in this Q1 2020 market update. As such, I will be going back to doing these market videos monthly for the next few months so we can closely monitor market changes and keep you informed sooner than later.
Stay safe and stay healthy. Remember, it’s a beautiful life, make it count.
Richard
TORONTO, ON
The Toronto Regional Real Estate Board continued its reign as Canada’s hottest market. From January 2020 to March, months of inventory never rose above 1.7. Year-over-year, average price growth has been 12% at minimum and First Quarter sales are up 22%.
Looking deeper into the numbers, you’ll notice -0.8% drop in average price from February to March 2020. I would think that the introduction of COVID-19 helped to slow the growth of TREB’s average property price as well as increase months of inventory by 9.7% month-over-month.
What can we expect with COVID-19? While Q1 in the Toronto Real Estate Board produced fantastic results, I am predicting that April will be much different. Take a look at my video update here with recommendations and advice you can use to make sure your real estate business stays thriving during these uncertain times.
Click here to download Toronto’s 2020 Q1 market slides.
CALGARY, AB
The Calgary Real Estate Board may already be feeling the effects of COVID-19 in March. Month-over-month, sales decreased -1.7%, months of inventory rose 7% and average price dropped 0.2%.
Looking closer at the year-over-year data for the First Quarter in Calgary, we are seeing slightly better data. Year-over-year, sales we’re up 7.3% in January, 22.6% in February but down -11.4% in March. Even with that decline in March, Q1 total sales are up 4.1% year-over-year.
Will April continue to drop like March did because of COVID-19? The answer plain and simple: Nobody knows. I can’t imagine that the market will rebound during a global pandemic and, as real estate professionals, you must be ready to answer the tough questions when your database begins to ask them.
For a closer look at the CREB data as well as some ideas to stay consistent and productive during the self-quarantine, take a look at my Market Update here.
Click here to download Calgary’s 2020 Q1 market slides.
EDMONTON, AB
The REALTORS® Association of Edmonton is reporting modest numbers for the First Quarter of 2020. Month-over-month sales are headed in the right direction, gaining 10.3% in March from February. Months of inventory dropped 4.1% month-over-month, however, average price dropped -2% from $351,000 to $344,000 in March, as well.
Year-over-year data shows Q1 2020 was much like 2019. Total Q1 sales in 2020 were up by only 14, or 0.47%, from 2019. Average price is down -3.7% from March 2019.
What can we expect in April with the introduction of COVID-19? There’s a lot left to understand with this new coronavirus and only time will tell exactly how the real estate markets will be affected. For productivity tips, insight and ideas to stay consistent during this pandemic, take a look at my Edmonton Market Update here.
Click here to download Edmonton’s 2020 Q1 market slides.
VANCOUVER, BC
The Real Estate Board of Greater Vancouver has produced outstanding year-over-year data. Sales are up over 40% year-over-year for each of the first 3 months of 2020 hitting its peak in March with 2524 total monthly sales. Months of inventory has continued to decline month-over-month and benchmark price has steadily increased.
Looking a little closer at the data we are noticing very positive trends in the REBGV. Sales were up every month in 2020. Months of inventory started at 5.5 in January, 2020 but has since dropped to 3.8 in March.
How will things look in April with COVID-19 affecting the market? The Vancouver market was beginning a tremendous rebound after a couple rough years since the foreign home buyers tax was implemented in 2017. I’m not sure we’ll see the same type of month-over-month growth like we have been seeing but only time will tell.
For a closer look at the data, great tips on how to conquer COVID-19 and provide your database with value and insight, take a look at my REBGV Market Update here.