MARKET QUICK LINKS: Toronto | Calgary | Edmonton | Vancouver
Inventory Woes Lead to Epic Year-to-Date Q3 Gains
Depending on your perspective, the Canadian real estate market is either starting to see a correction, or its performance is unstoppable.
Depending on how you look at the data, it is easy to argue both sides.
Looking at strictly month-over-month data and performance, it might be easy to argue that the market is starting to slow. Over the past few months, in many of the markets I study, I have seen trends of month-over-month decreases in sales and average price since roughly the beginning of Q2.
However, when you stand back and look at the bigger picture, year-over-year data tells an entirely different story.
Year-over-year data suggests that 2021 is seeing tremendous growth in both sales and average price when compared to 2019 and 2020. Total year-to-date sales have skyrocketed, seeing in one market an 84% increase when compared to 2020. Average sales price and benchmark price are nearly at all time highs, once again proving that Canadian real estate is a no brainer investment.
As a real estate professional, it is your job to dissect the information and show your clients that data that matters. Yes, there are trends indicating that prices may be weakening slightly, but there is even more evidence that suggests buying real estate today is better than buying it tomorrow.
One thing is for sure, time in the market is better than timing the market. Use this data to show your clients that Canadian real estate is a solid investment.
Remember, it’s a beautiful life, make it count!
Rich
TORONTO, ON
Click here to download Toronto’s Q3 2021 market slides.
After seeing a decrease in sales for 5 consecutive months, the Toronto Regional Real Estate Board is reporting a month-over-month 5.2% increase in sales in the month of September. Month-over-month average price increased 6.1% and sits at $1,136,280. Months of inventory sits at just 1 month and average days on market dropped -9.5% month-over-month to sit at 19 days.
Other TRREB Highlights:
Year-over-year sales decreased -18.4%% from 11,083 in September, 2020 to 9,046 in September, 2021.
Year-over-year average price has increased 18.3% in that same time, going from $960,772 to $1,136,280.
Video Highlights:
Q3 2019 vs. 2020 vs. 2021 year-over-year sales analysis.
Q3 2019 vs. 2020 vs. 2021 year-over-year average price analysis.
Year-to-date sales comparison from 2019 to 2021.
CALGARY, AB
Click here to download Calgary’s Q3 2021 market slides.
The Calgary Real Estate Board reported an modest increase in month-over-month sales in September, going up 0.5% compared to August, 2021. Sales and average price have seen slight decreases since April of this year. Month-over-month, the average price of a Calgary property fell -2.5% from $488,043 to $476,041.
Other CREB Highlights:
Year-over-year sales increased 27.03% from 1,702 in September, 2020 to 2,162 in September, 2021.
Year-over-year average price increased slightly by 1.8%, going from $467,625 to $476,041.
Video Highlights:
Q3 2019 vs. 2020 vs. 2021 year-over-year sales analysis.
Q3 2019 vs. 2020 vs. 2021 year-over-year average price analysis.
Year-to-date sales comparison from 2019 to 2021.
EDMONTON, AB
Click here to download Edmonton’s Q3 2021 market slides.
For the fifth consecutive month, the REALTOR® Association of Edmonton is reporting a decrease in month-over-month sales. September was down -8.4% from 2,056 sales in August, 2021, to now 1,883 in September. The only thing on the rise is average days on market and months of inventory. The average home price also dropped month-over-month, going from $384,874 in August, to $377,554 in September.
Other RAE Highlights:
Year-over-year sales increased 0.5% from 1,873 in September, 2020 to 1,883 in September, 2021.
Year-over-year average price increased 0.3% from $376,517 to $377,554.
Video Highlights:
Q3 2019 vs. 2020 vs. 2021 year-over-year sales analysis.
Q3 2019 vs. 2020 vs. 2021 year-over-year average price analysis.
Year-to-date sales comparison from 2019 to 2021.
VANCOUVER, BC
Click here to download Vancouver’s Q3 2021 market slides.
The Real Estate Board of Greater Vancouver is reporting similar numbers as the rest of the country, however, it is one of the few markets in Canada where benchmark price increased month-over-month.
Month-over-month data shows that sales dropped 11.9% to 3,762 from 4,268 in May, 2021. Months of inventory increased 12.1%, now sitting at 2.9 and benchmark price increased slightly by 0.2%, now resting at $1,175,100.
Other REBGV Highlights:
Year-over-year sales decreased -13.6% from 3,643 in September, 2020 to 3,149 in September, 2021.
Year-over-year benchmark price increased 13.9%, going from $1,041,300 to $1,186,100.
Video Highlights:
Q3 2019 vs. 2020 vs. 2021 year-over-year sales analysis.
Q3 2019 vs. 2020 vs. 2021 year-over-year average price analysis.
Year-to-date sales comparison from 2019 to 2021.
Last 90-Minute Free Training | Oct 20, 2021 Only
Join me “live” for our final FREE Training Academy Event of the year. Details below.
An Industry Transformed: How to Thrive in Real Estate in 2022
Insights, Predictions and Solutions for the Coming Year
Wednesday, October 20, 2021
1:00 PM EST | 90 Minutes
Register Here | It’s absolutely free.