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RECORD HIGH SALES LEADS TO RECORD LOW MONTHS OF INVENTORY IN 2021
We may have just seen the best year ever recorded in Canadian real estate.
When you look at the data, 2021 was an amazing year in the Canadian real estate market. Regardless of where you stand on the issue of sustainability, the numbers are truly impressive.
Year-over-year, across the country, we are seeing record high sales and record low months of inventory. In each of the 4 markets I have analyzed, total sales are at their highest level, ever. Year-over-year, the average price is also at the highest it’s ever been.
Looking at month-over-month data and performance, it might be easy to argue that the market is starting to slow down. However, this is a common occurrence as we enter the colder winter months in Canada.
Looking back at the entire year, 2021 was a powerful year for homeowners and a frustrating year for those looking to enter the market. With months of inventory shrinking and consistently rising prices, every moment a prospective buyer stood on the sidelines, their purchasing power dwindled.
The big question is this: Can this last in 2022? For how much longer can the Canadian real estate market grow before it becomes too big?
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 Q4 2021 market slides.
After October’s active month, sales have decreased for 2 consecutive months in the Toronto Regional Real Estate Board. December ended the year down 33.1% in month-over-month sales with 6031, compared to 9017 in November. The month-over-month average price also decreased slightly 0.5% and sits at $1,160,000. Months of inventory sit at just 0.5 and average days on market rose 7.7% month-over-month to sit at 14 days.
Other TRREB Highlights:
Total sales from January to June (Q1 & Q2) totalled 70,270 while total sales from July to December (Q3 & Q4) totalled 51,863.
Year-over-year average price rose to $1,100,000 in 2021 from $915,000 in 2020.
Video Highlights:
5 Year Comparison for Total Year-End Sales (2017-2021)
5 Year Comparison for Total Year-End Average Price (2017-2021)
5 Year Comparison for December Months of Inventory (2017-2021)
2021 Month-Over-Month Comparison Graph (January-December)
CALGARY, AB
Click here to download Calgary’s Q4 2021 market slides.
After very consistent sales from August to November, the Calgary Real Estate Board reported a 17.7% decrease in month-over-month sales in December, totalling 1737 sales. The average price also fell slightly month-over-month, going from $491,000 in November to $478,000 in December. Months of inventory fell 19.2% and sit at just 1.5.
Other CREB Highlights:
Total sales from January to June (Q1 & Q2) totalled 15,060 while total sales from July to December (Q3 & Q4) totalled 12,665.
Year-over-year average price rose to $490,000 in 2021 from $454,000 in 2020.
Video Highlights:
5 Year Comparison for Total Year-End Sales (2017-2021)
5 Year Comparison for Total Year-End Average Price (2017-2021)
5 Year Comparison for December Months of Inventory (2017-2021)
2021 Month-Over-Month Comparison Graph (January-December)
EDMONTON, AB
Click here to download Edmonton’s Q4 2021 market slides.
The REALTOR® Association of Edmonton is reporting a 27.6% decrease in month-over-month sales from November to December. Total sales in December hit 1319 compared to 1823 the month before. The average price declined slightly month-over-month, down 0.6%, and now sits at $382,000. Both months of inventory and days on market rose month-over-month, now sitting at 3.4 and 52 DOM, respectively.
Other RAE Highlights:
Total sales from January to June (Q1 & Q2) totalled 13,551while total sales from July to December (Q3 & Q4) totalled 11,155.
Year-over-year average price rose to $385,000 in 2021 from $363,000 in 2020.
Video Highlights:
5 Year Comparison for Total Year-End Sales (2017-2021)
5 Year Comparison for Total Year-End Average Price (2017-2021)
5 Year Comparison for December Months of Inventory (2017-2021)
2021 Month-Over-Month Comparison Graph (January-December)
VANCOUVER, BC
Click here to download Vancouver’s Q4 2021 market slides.
The Real Estate Board of Greater Vancouver is reporting a 21.6% decrease in month-over-month sales, hitting 2688 total sales in December compared to 3428 in November. Benchmark price increased 1.6% month-over-month, going from $1,210,000 in November to $1,230,000 in December.
Other REBGV Highlights:
Total sales from January to June (Q1 & Q2) totalled 24,752 while total sales from July to December (Q3 & Q4) totalled 19,237.
Year-over-year benchmark price rose to $1,160,000 in 2021 from $1,030,000 in 2020.
Video Highlights:
5 Year Comparison for Total Year-End Sales (2017-2021)
5 Year Comparison for Total Year-End Benchmark Price (2017-2021)
5 Year Comparison for December Months of Inventory (2017-2021)
2021 Month-Over-Month Comparison Graph (January-December)