December sales improved to levels more consistent with activity recorded over the past five years. This follows weak sales activity last year. A stronger second half in 2019 was enough to push annual sales up by one per cent. “Price declines, lower mortgage rates and some modest improvements in full-time employment helped support some demand growth in the city. Reductions in supply are also contributing to the slow adjustment to more stable conditions in the housing market,” said CREB® chief economist Ann-Marie Lurie. “As oversupply in the market continues to ease, we should start to see more stabilization in prices. However, conditions continue to favour the buyer and this is weighing on prices.” December unadjusted benchmark prices were $418,500. This is just slightly lower than last month and one per cent below last year’s levels. Overall prices in 2019 declined by three per cent over last year’s levels. The total adjustment in prices is a 10 per cent decline since the 2014 slowdown in the energy sector. While there are signs of stabilization, conditions vary significantly by location, price range and product type. Improvements in the resale market have been mostly driven by lower priced product or areas where price declines were enough to bring more purchasers back into the market.
Quick Stats:
|
Dec. 2018 |
Dec. 2019 |
Y/Y% change |
|
|
Detached |
|||
|
Total sales |
496 |
504 |
1.61% |
|
Inventory |
2,598 |
2,210 |
-14.93% |
|
Months of supply* |
5.24 |
4.38 |
-16.28% |
|
Average DOM |
66 |
64 |
-2.86% |
|
Benchmark price** |
$486,200 |
$480,100 |
-1.25% |
|
Attached |
|||
|
Total sales |
193 |
220 |
13.99% |
|
Inventory |
1,288 |
1,190 |
-7.61% |
|
Months of supply* |
6.67 |
5.41 |
-18.95% |
|
Average DOM |
74 |
66 |
-11.62% |
|
Benchmark price** |
$317,800 |
$311,300 |
-2.05% |
|
Apartment |
|||
|
Total sales |
105 |
134 |
27.62% |
|
Inventory |
1,030 |
1,131 |
9.81% |
|
Months of supply* |
9.81 |
8.44 |
-13.96% |
|
Average DOM |
74 |
72 |
-2.15% |
|
Benchmark price** |
$251,200 |
$248,800 |
-0.96% |
*Months of supply: The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.
**Benchmark price: The monthly price of the typical home based on its attributes, providing the best measure of price trends.
Three Lists to Make When Selling Your Home
When you put your property up for sale, you want to make sure that potential buyers get all the information they need on the features of your home and its surrounding area. If, for example, buyers don’t realize there is a great school just a couple of blocks away, they might cross your property off their shortlist.
An effective way to make sure something like that doesn’t happen is to create three lists.
#1: The “I’ll miss it” list. Chances are, there are things about your home that you’re really going to miss when you move. One of those may be the spacious living room that’s ideal for entertaining or the nearby park with scenic trails that are perfect for walking and biking. Whatever you’ll miss, put it on the list! Chances are, those are features that will also interest buyers.
#2: The “Just the facts” list. What are the facts about your property that a buyer needs to know in order to consider purchasing it? This may be a very long list including such items as total square footage, number of bedrooms, number of bathrooms, property taxes, size of yard, and more.
#3: The “repairs and improvements” list. Buyers are interested in the state of repair of your home, and in any improvements you have made to it. On this list include all repairs you have done during the past three years and, if possible, attach receipts. It’s especially important to include anything that has been replaced, such as the furnace or roof shingles.
