Sales cooled through the month of September and supply is trending up across the board. This usually translates in to lower prices so we will see how it goes through the end of the year. Currently we are sitting on just under 7,000 listings which is about 15-20% higher than the levels we had seen over the last couple years. It's not just in the condo market; there has been a substantial increase of supply in the detached and semi-detached segments as well.
New listings for detached homes city wide were up 12.9% compared to last year. Inventory is up 23% to 3,479 homes. Benchmark prices still remain 1% higher ($508,900) year over year though. This could change if we don't see a pick up in sales in the few months. Buyers are skiddish! The increase in interest rates (2 bumps of 0.25% in the last few months) may have changed the direction that people are going. That coupled with a protracted recovery and I think there are more than a few buyers that are thinking of waiting to make a decision on a move. It's becoming increasingly difficult for first time buyers to get themselves in to the market. Sales for detached product are up 7% year to date which has buoyed prices. The City Centre and West side have led the charge for price gains up 4.5% from last year. The North is seeing lots of activity with higher than average sales and supply levels.
The semi detached segment has seen some nice gains (up 4% since last September) and demand is still high especially in the South, Southeast & East areas. Inventory levels have crept up in this segment as well. The City Centre has seen the highest increase with 119 new listings and inventory sitting at 240 units. With sales slowing down (-7%) it has moved supply over 5 months. There has been more activity in the $350K-$450K range. The South district is running less than 3 months supply. The Northeast & North saw a decline in prices of 1.26% since last month and the City Centre & West side prices are up 5-6% year over year.
Row housing sales are up 4% year over year and up 11% year to date which is a good sign. Most of those sales are with homes priced $200K-$300K. Buyers are still liking a townhome purchase over an apartment purchase. Inventory levels are up 10% compared to this time last year though (993 units). Prices are fairly flat (up 0.5% year over year). There has been more demand in the Northwest and Southeast for these types of homes while the City Centre & West side are running over 7 months supply. Much less turnover in these areas. The North, Northeast and South districts all had price drops year over year. The rest of the areas saw an increase in prices.
Apartments sales are up 5% year over year and up 5% year to date. Positive signs for this segment, however, the number of new listings keeps increasing. Inventory levels are up 7% to 1,768 units and running over 8 months supply. The highest supply levels are in the Northeast with months of supply up over 10. The East and Northwest districts saw an increase in benchmark prices since last month. You can find the best deals in the South, East & West side districts. All have seen price drops of 3-5% year over year.
- new listings up 5% year over year
- benchmark prices are up 1% since last September ($379,733)
- sales are above 10 year average
- there has been an upward trend in prices since February (approx. 1%)
- 3rd consecutive quarter with sales growth
- months of supply is 5.3
- benchmark prices are up 0.5% since Q2, donw 1.1% year over year
- year to date sales above 10 year average since 2012
- sales down 7% year over year
- benchmark prices flat from Q2, slightly higher year over year
- prices are trending down
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