We have officially entered the third month of the year which means we finally have some month-over-month data to compare in 2019. February stats are out for all real estate markets in Canada and I am taking a very close look at 4 major Canadian real estate boards. If February is any indication of how the rest of 2019 is preparing to perform, we can look forward to strengthening markets across the country.
In this review, I am looking at month-over-month data, year-over-year comparisons, and micro market statistics. This will give you a proper balance of information and insight to provide to both buyers and sellers alike.
The past 90 days have shown us that markets can bounce back. In February, sales are up, M.O.I. is stable and we are looking at a stronger market today than we were yesterday. Year-over-year data can put perspective on our current market and can provide buyers and sellers with invaluable insight. It’s unclear how the rest of 2019 will continue to shape up, however, I believe that to survive in real estate, regardless of condition or circumstance, you need to continue to find motivated sellers.
Remember, it’s a beautiful life, make it count.
Richard
VANCOUVER, BC
We are all aware of the steep decline the Real Estate Board of Greater Vancouver (REBGV) has been exposed to. Year-over-year, Greater Vancouver is a totally different market. However, looking at month-over-month data, there is reason to be optimistic. February sales are up 34.5% compared to last month with 1,484 sales. Months of Inventory (M.O.I) dropped 2 full months from January 2019 and sits at 7.8. Year-over-year is a different story with February sales declining -32.8% compared to February 2018. Apartments is the strongest market in Greater Vancouver with 5.9 M.O.I. and 759 sales. On the opposite end, detached properties sit at 11.8 M.O.I. with 448 sales in February. To see all of the monthly results and my advice on how to succeed in this marketplace, watch my video below.
Click here to download Vancouver’s February market slides.
TORONTO, ON
The Toronto Real Estate Board (TREB) continues to strengthen after a slight rough patch in 2018. Sales are 25.3% higher month-over-month with 5025 total sales happening in February. TREB’s average price increased by 4.3% and Months of Inventory now sits 2.6. Year-over-year, sales are only down -2.4% and inventory is almost identical to last year with 13,284 active listings. Detached sales are strongest in the 905 region with 1,701 sales and 3.8 M.O.I. Condo apartment is the strongest micro market in the 416 region with 1,064 sales and 1.7 M.O.I. To get a full look at all the data and to hear my analysis, click the video button below.
Click here to download Toronto’s February market slides.
CALGARY, AB
Continuing the strong month-over-month trend is the Calgary Real Estate Board (CREB). February saw sales jump 21.4% compared to January 2019 with 976 total sales. M.O.I dropped to 6 and the average price climbed 2.2% to $461,000. Year-over-year is a different story, with February sales failing to meet last years 1,089 sales by -10.4%. Detached properties are the strongest micro market in CREB with 593 sales; attached was second best with 234 sales. The average price of a detached home in Calgary is $540,957. To see a detailed look at the CREB data, click my video below.
Click here to download Calgary’s February market slides.
EDMONTON, AB
The Edmonton Real Estate Board (EREB) saw increased sales in February with 986, this was a 23.4% increase over January’s 799 total sales. Active listings are up 4.6% month-over-month, M.O.I. is down and average price increased 4.7%. Like every other market I have reviewed, sales are down year-over-year by -11% compared to February 2018. Detached sales dominate the EREB micro markets with 582 sales and have an average price of $430,000. Duplex/row properties are the weakest micro market with 141 sales and have an average price of $321,288. To see all the data and my perspective on the market, watch my market update below.