Regardless of what is happening in the market, no matter the months of inventory, the amount of sales and active listings in your area, there is always one guaranteed way to sell a home: price. Pricing a property correctly will always ensure it gets sold. Each market has its own unique traits and understanding its distinctive nature will help you price each listing you take correctly.
In my May 2019 Market Update, I will be taking a closer look at historical average price so we can see exactly where we are compared to years past.
VANCOUVER, BC
The Real Estate Board of Greater Vancouver saw a healthy increase of sales in May, with a final total of 2638, a 44.2% increase over April. Months of inventory decreased by -29% to 5.6 and average price stayed steady at $1.01M. While the historical average price is about an -8% decrease from 2018, it is still an increase over 2017 numbers. For a deeper look into what this means for the Vancouver market, watch my Vancouver Market Update video now.
Click here to download Vancouver’s May market slides.
TORONTO, ON
The Toronto Real Estate Board continues to be one of Canada’s strongest markets. With only 2 months of inventory and an average price of $839,000, TREB is a market to be envious of. Month-over-month, sales increase 25.8% sitting at 9989 total sales for the month of May. Months of inventory is at its lowest since May 2016 and continues to drop. In my review, I take a look at the historical average price of homes in the Toronto Real Estate Board all the way back to 2009. Seeing the dramatic change might astound you. Take a look at my Market Update Video here.
Click here to download Toronto’s May market slides.
CALGARY, AB
The Calgary Real Estate Board is continuing its strong second quarter with 1921 sales in the month of May. This strong showing has helped lower months of inventory to 3.9, a -14.9% decrease month-over-month. Average price rose marginally by 2.7% and sits at $473,000, respectively. In my CREB Market Update video, I take a detailed look at historical average price for the month of May all the way back to 2013. For all that information, watch my CREB video now.
Click here to download Calgary’s May market slides.
EDMONTON, AB
The Edmonton Real Estate Board is enjoying a strong spring season as sales and price continue to climb. Month-over-month, sales increased 17.9% sitting at 1981 total. Average price increased to $369,000 and months of inventory declined -10% from April 2019 to 4.8. Looking at historical average price for May, Edmonton’s 2019 average price is at its lowest since 2013. To see a more detailed look at these statistics and more, watch my Edmonton Real Estate Board Market Update video now.
Click here to download Edmonton’s May market slides.
OTTAWA, ON
By popular demand, we’ve added in stats from the Ottawa Real Estate Board (OREB) starting this month. May saw an increase of 19.2% in sales for a total of 2423, with months of inventory dropping by -11.7% to 1.6. Active listings have increased by 5.3% to 3896 and average price saw a very slight decrease of -.2% to $449,000. Year over year trends are looking positive for the Ottawa market with a significant increase in sales and average price and a decrease in months of inventory. For a more detailed analysis, view my OREB video now.
Click here to download Ottawa’s May market slides.
FRASER VALLEY, BC
Also brand new this month, I’m taking a detailed look at the Fraser Valley Real Estate Board. The trend we’ve been seeing month-over-month continues for FVREB as sales increase 9.7% to 1517 total sales in May 2019. Months of inventory dropped slightly to 5.6 and average price increased 3.7% and sits at $727,000. While average price in May is at its lowest since 2016, looking even further back, we can see that the Fraser Valley Real Estate Board is performing extremely well. To see these statistics, take a look at my FVREB video now.
Click here to download Fraser Valley’s May market slides.
Remember, it’s a beautiful life, make it count.
Richard