MARKET QUICK LINKS: Toronto | Calgary | Edmonton | Vancouver | Fraser Valley
Real estate markets across Canada are on fire, but can we get burned?
Whether you’re a working real estate professional, an active buyer or seller or simply have a working pulse, the Canadian housing market has been the topic of conversation for citizens nationwide.
Simply put: The Canadian housing market is on fire.
Across the country, months of inventory (MOI) have plummeted causing average prices to increase. Regardless of which province you find yourself in, there is no hiding from the effects of this surge. Demand has clearly outgrown supply and Canadian buyers are finding themselves looking for available and affordable housing in cities across the country.
While this news makes for captivating headlines and exciting conversations, I’m weary about where this road leads.
For a deep dive into 5 hot Canadian markets, check out my Q1 2021 market update videos below:
TORONTO, ON
The Toronto Regional Real Estate Board is reporting incredible month over month growth in the month of March. Month over month, sales increased 42.7%, months of inventory dropped 14.8% and average price increased 5% to $1,097,565.
Other TRREB Highlights:
Year over year Sales increase 69%
Year over year Average Price increases 17.3%
Video Highlights:
Micro Market Q1 Sales Comparison (2020 vs. 2021)
Micro Market Q1 Average Price Comparison (2020 vs. 2021)
Q1 Total Sales Comparison (2019 to 2021)
5 Year Historical Average Price for Q1 (2016 to 2021)
Click here to download Toronto’s Q1 2021 market slides.
CALGARY, AB
Like the rest of the country, the Calgary Real Estate Board is reporting outstanding month over month growth in the month of March. Month over month, sales increased 58.1%, months of inventory dropped 24.2% and average price increased 4% to $505,452.
Other CREB Highlights:
Year over year Sales increase 147%
Year over year Average Price increases 12%
Video Highlights:
Micro Market Q1 Sales Comparison (2020 vs. 2021)
5 Year Historical Average Price for Q1 (2016 to 2021)
Click here to download Calgary’s Q1 2021 market slides.
EDMONTON, AB
The REALTOR® Association of Edmonton is also reporting amazing month over month growth in the month of March. Month over month, sales increased 52.6%, months of inventory dropped 27% and average price increased 3.5% to $391,219.
Other RAE Highlights:
Year over year Sales increase 72%
Year over year Average Price increases 9%
Video Highlights:
Micro Market Q1 Sales Comparison (2020 vs. 2021)
Q1 Total Sales Comparison (2019 to 2021)
5 Year Historical Average Price for Q1 (2016 to 2021)
Click here to download Edmonton’s Q1 2021 market slides.
VANCOUVER, BC
To the surprise of no one, the Real Estate Board of Greater Vancouver is reporting incredible month over month growth in the month of March. Month over month, sales increased 53%, months of inventory dropped 28.5% and benchmark price increased 3.6% to $1,123,300 .
Other REBGV Highlights:
Year over year Sales increase 89%
Year over year Average Price increases 6.6%
Video Highlights:
Micro Market Q1 Sales Comparison (2020 vs. 2021)
Q1 Total Sales Comparison (2019 to 2021)
5 Year Historical Average Price for Q1 (2016 to 2021)
Click here to download Vancouver’s Q1 2021 market slides.
FRASER VALLEY, BC
The Fraser Valley Real Estate Board is reporting incredible month over month growth in the month of March. Month over month, sales increased 18.3%, months of inventory dropped 2.9% and average price increased 7.2% to $1,022,875.
Video Highlights:
Year Over Year Sales Comparison
Year Over Year Average Price Comparison
Click here to download Fraser Valley’s Q1 2021 market slides.
Markets boasting such low inventory and dramatic price increases month over month are simply not sustainable. I do believe that the markets will slow down enough to balance supply and demand, however when that will happen, no one is certain.
What I am certain about is that navigating today’s housing market takes incredible insight and expertise. Understanding how to help both buyers and sellers in an environment such as this takes an expert in their field. Book a call with an RRI Advisor today – and find out how RRI can help you become an expert in your field.
It’s a beautiful life, make it count!
Rich