February 2020 Market Update

FEBRUARY 2020 STATS⁠⠀ ⁠⠀ This month saw a double-digit gain in sales, but last February was one of the slowest levels of activity since the late ’90s. This increase in sales resulted in a 23% improvement over last year, but sales remain well below longer-term trends and consistent with the lower levels reported over the past five years. ⁠⠀ Detached ⁠⠀ •⁠ After the first two months of the year, detached sales improved by nearly 12%. Improvement did not occur across all districts, as sales continued to ease in the City Centre, North East and North West districts. •⁠ Driven by pullbacks mostly in the south and west districts, new listings declined by 1% in the city so far this year. ⁠⠀ Apartment ⁠⠀ • For the second month in a row, improving sales were met with gains in new listings. This is causing inventory gains. • Sales levels were high enough to cause the months of supply to ease, but the persistent oversupply in the market continues to weigh on prices. Attached⁠⠀ • ⁠After the first two months of the year, rising attached sales and easing new listings caused inventories to decline.⠀ •⁠ February months of supply is now below five months, an improvement compared to the past two years.