January 2020 Market Update

Housing market conditions continue to follow similar trends to last year, with some gains in sales.⁠

There have been further reductions in new listings, inventory and more declines in prices.⁠

January sales activity was 863 units, a near 8% raise since last year’s levels. While sales remained well below January activity recorded before 2014, they remain consistent with activity recorded over the past five years.⁠ ⁠ Detached ⁠ •⁠ Detached sales in January improved by 6%, thanks to growth in all districts except the North East. ⁠ •⁠ New listings declined by nearly 11 per cent due to pullbacks in all areas except the City Centre and the North⁠ districts. Combined with adjustments in sales, this caused inventories to ease by 15 per cent citywide.⁠ ⁠ Apartment ⁠ • Improving sales were met with gains in new listings, causing inventories to increase by 12% compared to last year.⁠ • The gain in inventories prevented any significant adjustment in the months of supply, which remained elevated at nine months.⁠ ⁠ Attached⁠ • ⁠Despite slower sales in the South and South east district, city-wide attached sales improved by 4%. At the same time new listings eased by nearly 18%, causing inventories to decline by 10%.⁠ •⁠ Improving sales and a drop in inventory helped the months of supply to dip below seven months, a significant⁠ improvement compared to last year’s level of nearly eight months⁠ ⁠


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© 2020 by Samantha Mollerson

Charles Real Estate Inc.

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