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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