How often has someone asked you about a particular professional or a service company? For example, they may have asked, “Do you know a good tree trimming service?” or “Can you recommend a great accountant?”

Chances are you’ve been asked plenty of times over the years.

The reason is obvious. Most people would prefer to work with a professional or company that a friend or neighbour has endorsed. That’s why they ask for recommendations!

With that in mind, when you get asked, “Do you know a great real estate agent?” I hope you’ll offer my name. If you do, I promise to provide that person with my very best service — as I do for all my clients.

Detached:

Calgary recorded 1,268 sales this month, a significant gain relative to last year and 30 per cent higher than longer-term trends. Sales this month improved across all price ranges except homes priced under $400,000. However, the decline in sales in the lower price range is likely related to limited supply choice. On a year-to-date basis, prices have improved across all districts, with gains that range from a low of five per cent in the City Centre to nearly twelve per cent in the South East. The City Centre is the only district where prices remain below previous highs. The September detached benchmark price of $537,500 has trended down slightly from the record high set in July, but this has not erased earlier gains, as it remains nearly 10 per cent higher than last year.

Semi-Detached:

With less supply choice in the lower price ranges of the detached market, many consumers have turned to the semi-detached sector. With 2,005 sales so far this year, year-to-date sales are over 45 per cent higher than long-term trends and have reached new record highs. The improvement in sales was, in part, related to the improvements in new listings. The sales-to-new listings ratio in this sector has averaged below 70 per cent over the past several months. This is nowhere near as tight as the detached sector, which has averaged 80 per cent. While conditions have not been as tight in the semi-detached sector, there have still been substantial price gains this year. As of September, the benchmark price was $424,900, slightly lower than last month, but over eight per cent higher than last year’s levels. Like the detached sector, the semidetached sector’s slowest price growth has occurred in the City Centre. On a year-to-date basis, prices remained below previous highs in the City Centre, North East and South districts.

Row:

With 318 sales this month, year-to-date sales pushed up to 3,057 units, which is 62 per cent above long-term trends and on pace to hit record levels this year. Sales have risen across every district, with the largest growth recorded in the South East district. While new listings did improve this month, it was not enough to prevent further declines in Inventory levels. The months of supply remained relatively low at less than three months, which is well below traditional levels for this time of year. Tighter conditions have supported price growth across all districts so far in 2021. However, unlike the detached and semi-detached sectors, row prices remain below previous highs across all districts in the city.

Apartment:

A boost in new listings this month translated into some gains in sales activity. However, with a sales-to new-listings ratio of 58 per cent, inventories still trended up relative to the previous month and last year’s levels. The months of supply remained just below five months in September, far lower than levels recorded last year and over the past five years. Conditions have generally been more balanced for this property type compared with other sectors, preventing strong price gains. On a year-to date basis, citywide benchmark prices improved by nearly three per cent, but they remain over 14 per cent lower than previous highs.

Quick Stats:

*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.

DIY Friendly Bathroom Makeovers

• Update the sink. If you have some basic plumbing knowledge, this is a project you should be able to do on your own. A new sink can make the entire vanity look like new.

• Buy new decor. New shower curtains, towels, window coverings, mats, etc. can transform the look of a bathroom.

• Install new hardware. Replacing cabinet hardware may not seem like much of a change. However, it can have a surprisingly big impact. Shiny new hardware is like jewelry. It stands out.

• Replace the vanity mirror. Even if there are no scratches, an older mirror is like an old pair of glasses. It can become foggy. No amount of cleaning will make it any clearer. When ordering a replacement mirror, be sure that your measurements are exact.

• Paint. There’s no doubt about it. A fresh coat of paint makes any room look better.

These bathroom improvement projects can make a huge impact on the look of your bathroom. And, they can all be done affordably and in just a day or two.

Detached

Semi-Detached

Row

Apartment

Quick Stats:

*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.

The Latest Options in Outdoor Lighting

Outdoor lighting has come a long way from the days of patio lanterns and strings of lightbulbs. These days, there’s an exhaustive array of options available to illuminate your outdoor space, and make it more appealing and comfortable, particularly in the evenings.

Here are just a few ideas:

Solar garden lights. These lights are on stakes that can be easily inserted throughout the garden. Powered by the sun, they generate enough energy to cast a soft, pleasant glow along walkways or in flower beds in the evenings.

Deck post lights. These are easy to install because they’re designed to sit on top of a standard 4x4 wood deck post. Most are solar powered.

Street-style lamps. As the name implies, these look similar to old-fashioned street lamps. Installation is a little more complex, but still DIY-friendly. They’re eye-catching and have a dramatic impact on the look of your outdoor space.

Portable lantern lights. These are outdoor lights that are portable and often made to look like a decorative fixture for a coffee table or side table. They can be placed anywhere.

LED walkway lights. These are small lights that fit neatly and almost invisibly under stairs and around walkways. Walkway lights not only look good but also improve safety. Most are battery powered.

Planter lights. This is one of the most interesting options. Each one is both a flower pot and a light in one! The pot itself is translucent which allows the light inside to shine through.

Design experts say you should treat your outdoor space as you would any room in your home. Lighting it up for evening comfort and enjoyment is a good place to start.

The initial impact of COVID-19 on the housing market began last March. One year later, it is not a surprise that March sales in 2021 were higher than in 2020. However, at 2,903 sales, this was the highest March total since 2007. Inventory levels pushed above 5,400 units, but citywide months of supply fell below two months. This reflects the lowest months of supply for March since 2014 and these tight conditions have contributed to price gains. In March, the benchmark price trended up over last month to $441,900, over six per cent higher than last year’s levels. The price gains have moved the market closer to recovery, but prices remain over five per cent lower than 2014 highs.

Detached

Like last month, detached sales activity improved across most price ranges and all districts in the city. While new listings did improve, inventory levels remained relatively low at 2,409 units, causing the months of supply to drop to just over one month. The citywide detached benchmark price rose by nearly eight per cent compared to last year. Year-over-year gains ranged from a low of nearly three per cent in the City Centre to a high of nearly 11 per cent in the North and South East districts. Prices in most districts remain below previous monthly highs, but recent gains in both the North and South East have supported full price recovery in those areas. Product priced under $400,000 recorded the lowest sales growth, as limited inventory weighed on that segment of the market. However, rising sales and easing inventory resulted in tighter market conditions across all price ranges. This is likely supporting price gains, not only in the mid and lower price ranges, but also the upper price ranges in the market.

Semi-Detached

Steady gains in sales caused first quarter sales totals to reach nearly record highs for this property type. Improving new listings were not enough to offset the sales and the months of supply fell below two months for the first time since 2014. Low supply levels relative to sales contributed to further gains in prices, which, as of March, were nearly six per cent higher than last year’s levels. Benchmark prices trended up across all districts and prices remained higher than last year’s levels across most districts. The largest year-over-year price gains occurred in the North district, with an increase of nearly 10 per cent.

Row

Echoing the results of other property types, sales activity for row properties has risen far above long-term averages. However, it is the first time since 2014 that the months of supply has fallen below three months. The row-property market has taken longer to see tighter conditions, but the recent tightening is starting to have a more significant impact on price. As of March, row benchmark prices rose to $288,800, nearly three per cent higher than last year. However, activity was not consistent across all districts. The largest price gains occurred in the City Centre and West districts.  Despite recent gains, prices remain well below previous highs.

Apartment

For the third month in a row, sales activity was stronger than the previous year. New listings also rose and is causing some inventory gains. Despite the inventory gains, sales have been far better than levels seen over the past six years and the months of supply did trend down to the lowest March levels since 2014. Tightening conditions did support some year-over-year price gains in this segment. After experiencing falling prices for the better part of five years, this change is a welcome shift for most sellers. However, prices remain nearly 17 per cent below the 2014 highs.

Quick Stats:

*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.

In February residential sales totalled 1,836 units, representing the best February since 2014. In just a few months the Calgary market has caught fire, particularly in the detached segment with year-over-year benchmark prices jumping as much as 9% in some areas of the city.

“Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates,” said CREB® chief economist Ann-Marie Lurie. “Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices.” New listings also improved in February, but the gap between new listings and sales narrowed. This is causing the sales-to-new-listings ratio to rise to 65 per cent, keeping the months of supply well below three months. Conditions are far tighter in the detached sector of the market, especially for product priced below $600,000, where strong sellers’ market conditions are present with less than two months of supply. The market has faced relatively low inventory levels compared to sales for the past several months and prices continue to trend up. In February, the residential benchmark price rose over the previous month and currently sits four per cent above last years’ levels. Detached product has the lowest months of supply and is also exhibiting the most significant gains in prices. On the opposite end of the spectrum, the apartment condominium segment still has a relatively high level of inventory compared to sales, which is impacting price recovery for this property type.

As always, market conditions vary widely based on price, product type and location. For more information, or if you have any questions please don't hesitate to contact me!

Quick Stats

*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.

What to do When Closing Dates Don't Match

If you want to sell your current property and purchase your next dream home, you might be wondering whether the closing dates need to be on the same day. 

You might even be worried that you’ll lose a property if the closing dates overlap, or you’ll be put out on the street if the dates are far apart! For the most part, these concerns are unfounded. Thousands of properties change hands every day and usually everything works out just fine. In fact, it’s amazing how often closing dates actually do match! But, what happens if the closing date of the home you want to buy is days or weeks earlier than the closing date of your own property? Most lenders anticipate this situation and offer something called “Bridge Financing.” It is a special loan that allows you to purchase the property with the earlier closing date. When your current property closes, the bridge financing ends and your new mortgage – if you need one – begins on the new home.

January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021. Sales activity improved across all product types and across all price ranges. “Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB® chief economist Ann-Marie Lurie. “New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.” January’s new listings were 2,246 relative to the 1,208 sales in the market, causing inventories to edge up over December levels. These types of movements are typical for January, but 2021 is starting the year with 4,035 units in inventory. This is far lower than the past six years. Benchmark prices remained at levels relatively consistent with prices recorded at the end of 2020, but they reflect a year-over-year gain just below two per cent. Average and median prices recorded higher year-over-year gains, likely due to larger gains in sales in the higher end of the market. Those segments do not have the same inventory constraints as lower-priced product.

Quick Stats:

Welcome to December! The last month of a year many of us would rather forget. Yes, 2020's been a bit of a train wreck, but at least there's some light at the end of the tunnel. I know I'm certainly looking forward to the new year. Whatever your hopes and plans are for 2021, I wish you nothing but good health, happiness and success!

Market Update:

Quick Stats:

*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.

Avoiding the #1 Cause of Seller Stress

Do you know what causes the most common source of stress when selling your home? Is it scheduling buyer viewings? Is it the length of time it takes for your property to sell? Is it an offer that falls through? Those things can, indeed, cause some worry! But, the number one source of stress is actually simple to avoid. It’s not understanding the process. 

Even if you’re no stranger to moving, you should review the process involved in selling your current home before you list it. If you don’t, you might end up exposing yourself to anxiety that could have been easily avoided. Say, for example, you’re concerned that your home has been listed for too long. It’s been a week and no good offers have come in. Well, if you knew, in advance, how long a home like yours typically takes to sell, then you probably would know not to worry.

It’s important that you start the process by understanding what to expect. What happens when your home is first listed? How are buyers scheduled to see your property? What happens when an offer comes in? That’s why we will always review the selling process before you list and make sure all your questions are answered.

Happy autumn. Let’s hope the coming season treats us all well!

Speaking of seasons, you may have noticed that the real estate market seems to have seasons. Traditionally, it’s slower in some months and busier in others. In fact, that might lead you to try to “time” the market and sell when it’s hot. But, be careful. Like the weather, the real estate market can be unpredictable. Yes, it may be active next spring – but, then again, it could be slow. There’s no way to know for sure. In fact, the best criteria for deciding whether or not to sell your property isn’t as much the market as it is your personal wishes. If you want to move within the next couple of months, there are ways to make that happen.

So, don’t let market conditions delay or derail your plans to move. Properties sell in all kinds of markets, and yours can too!

Market Stats:

*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.

Protecting your Home Gadgets from Hacking

Imagine your coffee maker switching on by itself, staying on for hours, overheating and becoming a fire hazard. That’s not science fiction. As more and more appliances incorporate WIFI, the opportunities for hackers to play havoc with them increase.

How do you prevent that from happening? Here are some safety tips:

• If your gadget uses a password to access the settings, change that password frequently. Ideally, change it once every 3 months.

• Some gadgets, such as alarm systems, come with their own connection to the internet. Learn how to turn that connection off if it becomes necessary to do so.

• Don’t leave an internet-connected appliance or other gadget on constantly unless it’s necessary. For example, you don’t need your home speaker system connected to your digital music providers all the time.

• Baby monitors with video are a common target for hackers. Use a password unique to that device and change it often. Never leave the monitor on when not in use.

• Never share passwords with anyone unless it is absolutely necessary. Most home WIFI systems have a “guest” feature with a separate password and limited access. Use it.

In this age of internet connectivity — from coffee makers to stereos and even washing machines — it’s smart to play it safe. Know what’s connected and protect yourself.

If you’re like most homeowners, you’ve probably found these past few weeks challenging to say the least. Although the experts say we are making progress, we’re still trying to find our footing on an uncertain road. We’re figuring out how to live and work in new ways.

In fact, when it comes to real estate, you may be wondering, “How does the selling/buying process work in times like these?” or, if you want to sell, “Is now a good time or should I wait?”

If you’re looking for answers, please reach out to me. Yes, there have been changes in how the buying/selling process works, and I’m happy to fill you in. In fact, if you have any questions or need any help that’s real estate related, feel free to contact me!

Market Update:

Housing market activity in May remained slow, but sales exceeded the lows from April, which saw less than 600 sales in Calgary.

May sales totalled 1,080 units, a 44 per cent decline from last year’s figures. “The initial shock of COVID-19 and social distancing measure is starting to ease. This is bringing some buyers and sellers back to the market. However, this market continues to remain far from normal and prices are trending down,” said CREB® chief economist Ann-Marie Lurie. “Activity has also shifted toward more affordable product, which is likely causing differing trends depending on product type and price range.”

Sales are down in all price ranges, but a greater share of sales are priced below $500,000. In the higher price ranges the drop in inventory has not been enough compared to the drop in sales. Additionally, the months of supply is far higher than the already elevated levels seen during the past five years. The shift in sales toward lower-priced product is contributing to steep average price declines in the Calgary market. Benchmark pricing, which reflects comparisons of the same type of home, has eased by over two per cent compared to last year and 0.4 per cent compared to last month. This does not come as a surprise as the market continues to struggle with more supply than demand.

COVID-19 and social distancing measures have contributed to rising unemployment rates and job losses throughout many economic sectors. This is weighing on consumer confidence and the housing market. Some of this job loss is temporary, but the energy sector remains the largest concern. Significant job loss throughout the typically higher-paid professional and technical services sector points to a longer adjustment period in the housing market, particularly in the higher end of the market.

Quick Stats:

*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.

Predicting Your Future Housing Needs

What will your housing needs be in three to five years? If you can figure that out, you can watch the market, target areas and neighbourhoods you might like to live in, and reap the benefits of planning ahead.

To begin the process, start by asking yourself the following questions:

• What will my family look like in three to five years? Will there be a new addition (or two) to your family? Will you have kids that are grown up and about to move out? What is the possibility that an elderly relative (Mom, Dad or grandparent) will be living with you?
• What will change regarding work and school? Will a teenager be off to college? Will you or your spouse be retired? Will someone in your household be starting a home business?
• How will your lifestyle be different? Will you take up a hobby that you’d like to be able to reach easily (such as golf)? Do you see yourself wanting to live closer to shopping, theatre, walks in the woods, etc.? Will you eventually be traveling more often and, therefore, not be at home as much?
• How is the neighbourhood changing? Where is it heading relative to your future needs in terms of residents, noise, sense of community, local developments, etc.? Do you see yourself wanting to live in a quieter community, or a more urban centre?
• Will the type of home you need change? In three to five years, can you see yourself wanting a larger home? Smaller home? More bedrooms? Larger kitchen?
• What are your dreams? Do you dream of living in a particular area or neighbourhood? Would you love to have a big backyard with a garden someday? Do you sometimes think, “It would be great to have a wooded park with walking trails just a few minutes away.”

By looking three to five years into the future, you will be able to predict your housing needs and make plans - today - to ensure you get what you want in the future.

During this trying time, it’s not surprising that so many homeowners are anxious and exhausted. Perhaps you’ve been feeling the same way. If so, keep in mind that the COVID-19 outbreak will eventually wind down and, hopefully, things will be back to normal soon.

We’re all in this together - and we’ll get through it!

Market Update:

After the first full month with social distancing measures in place, the housing market is adjusting to the effects of COVID-19. April sales hit 573 units, a decline of 63 per cent over last year. Prices for the average home are on the decline as well, reflected by the benchmark price, which fell by nearly two per cent compared to last year. New listings this month totalled 1,425 units, a decline of 54 per cent compared to last year. Inventories also declined, but with 5,565 units available, they remained high enough to push the months of supply above nine months. The economic impact of the situation is significant and early indications point toward more job losses and higher unemployment rates.

Challenges in the housing market are expected to persist throughout this year.

Detached:

Detached sales eased by 63 per cent this month compared to last year, with the largest decline in the West district.

• Slower demand was also met with easing supply, as new listings declined by 57 per cent. Overall, inventories eased by 25 per cent compared to last year. Despite the decline in inventory, the months of supply rose to more than eight months.

• The detached benchmark price eased by one per cent over last year, totalling $479,100. Prices managed to remain flat in both the South and South East districts. The highest price decline was in the City Centre, with a drop of more than three per cent.

Attached:

Semi-detached and row properties recorded a significant drop in sales and new listings, causing inventories to decline by nearly 20 per cent. However, with a combined inventory of 1,441 units compared to just 138 sales, the months of supply rose to over 10 months.

• Semi-detached prices eased across all districts for a citywide year-over-year decline of nearly three per cent. The City Centre recorded the largest year-over-year decline at four per cent.

• Row prices declined in all areas except the East district. Citywide row prices declined by more than two per cent for a total of $278,300.

Apartment:

Apartment sales slowed to 95 units. This is a 62 per cent decline over last year. New listings also slowed, but it was not enough to support a larger decline in inventory levels, which only eased by 13 per cent compared to last year. With 1,349 units in inventory, the months of supply rose to 14 months.

• Condominium prices were falling before recent developments in the market and the pace of decline remained relatively unchanged at more than two per cent compared to last year. Since the first energy crisis in 2014, the citywide apartment benchmark price has declined by nearly 19 per cent.

• Year-over-year prices have eased across almost all districts, but the South East district saw the largest year-over-year decline this month at nearly six per cent.

Quick Stats:

*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.

Estimating Your Selling Costs

When the time comes to sell your house, you’ll want to determine roughly how much you can expect to net after the sale. To figure that out, you’ll not only need to know how much your house will likely sell for, but also the selling costs you are likely to incur in the process.

The costs of selling vary depending on a number of factors. Here’s a general rundown of what to consider:

• Repairs. You will want your house to look its best to buyers. That may require you to get any needed repairs done before listing. You don’t want a buyer to see a dent in the wall or a dripping faucet.
• Renovations. It might make sense to get a few improvements done to make the house more attractive. For example, you may want to replace old and worn kitchen countertops.
• Legal fees. Selling a house requires a lot of legal work. You’ll need a good real estate lawyer to take care of that for you.
• Commissions. This is usually calculated as a percentage of the sale price.
• Moving costs. Once you sell, you’ll obviously need to move! So, factoring in this expense is a smart idea.

Although this may seem like a long list, selling costs are fairly easy to estimate. Once you have that number, it’s easy to calculate how much money you’ll have available to put towards your next home.

The COVID-19 outbreak has created a new reality for all of us, at least temporarily. Chances are you’re dealing with many new challenges, both personally and professionally. We all are.

Now, it’s up to each of us to do our part so we can get through this as quickly as possible. Remember, we’re all in this together. Stay positive and know that things will get better. In the meantime, you might have immediate concerns about the real estate market. For example, you might be wondering if you should put off moving. Or, you might need to move but are worried about all this uncertainty.

If so, give me a call. As a real estate professional, I have the latest market information, insights and tools - and can give you sound advice. Good information and advice are often the antidote to stress, especially during challenging times. So, please, don’t hesitate to reach out to me.

Take care and stay well.

Market Update:

After a strong start to 2020, economic conditions have dramatically changed, as COVID-19 is impacting all aspects of society. The economic impact is starting to be felt across many industries. This includes the housing market. March sales activity started the month strong, but quickly changed, as concerns regarding the spread of COVID-19 brought about social distancing measures. By the end of the month, sales activity had fallen 11 per cent compared to last year. This is 37 per cent lower than longterm averages. The drop in sales pushed March levels to the lowest recorded since 1995. There was also a large reduction in new listings, almost entirely during the second half of the month. The reduction in new listings should help prevent significant price declines in the market. However, price declines will likely be higher than originally expected due to the combined impact of the pandemic and energy sector crisis.

Quick Stats:

*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.

Help Buyers Understand the Area

There’s a famous saying in the real estate business: “Location, location, location”. It simply means that where your home is located - your neighbourhood - is just as important to potential buyers as the features of the property itself.

Sellers often make the mistake of creating a long list of home features while ignoring neighbourhood features. They tout the spacious kitchen, and the newly renovated bathrooms, but say little about the area.

So, when you’re ready to sell your home, sit down and create two lists: home features and neighbourhood features. Buyers want to know both.

On the neighbourhood features list, include:

• Locations of schools and daycare centres.
• Major retailers and shopping centres.
• Proximity to major commuting routes.
• Theatres, night clubs and other entertainment.
• Rinks, gyms and other sporting facilities.
• Green space, walking trails, and ponds.

When buyers have their eyes on two properties which are comparable in features, the neighbourhood is often the deciding factor.

Housing market conditions continue to follow similar trends to last year, with gains in sales. At the same time, there have been further reductions in new listings, inventory and more declines in prices. January sales activity was 863 units, nearly eight per cent higher than 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. “A persistent slowdown in the energy sector has resulted in a reset in many aspects of our economy. This includes the housing market,” said CREB® chief economist Ann-Marie Lurie. “We continue to see the slow adjustment to more balanced conditions, but it will take time before that starts to translate into price stability.” Citywide unadjusted benchmark prices were $417,100 in January. This is slightly lower than the previous month and nearly one per cent lower than last year’s levels. Benchmark prices eased, but there were some modest improvements in both the average and median prices. This is likely a reflection of some changes in the distribution of sales.

Detached

• 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.

• Reductions in supply and gains in sales supported reductions in the months of supply from nearly six months last year to just under five months this January.

• Detached benchmark prices eased by nearly one per cent compared to last year. However, the only two areas to record notable year-over-year declines were the City Centre and West, with price declines exceeding three per cent.

Apartment

• Improving sales were met with gains in new listings, causing inventories to increase by 12 per cent compared to last year.

• The gain in inventories prevented any significant adjustment in the months of supply, which remained elevated at nine months.

• The persistent oversupply continued to weigh on benchmark prices, which eased compared to last month and declined by two per cent compared to last year.

Attached

• Despite slower sales in the South and South east district, city-wide attached sales improved by four per cent. At the same time new listings eased by nearly 18 per cent, causing inventories to decline by ten per cent.

• 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.

• While this segment is trending toward more balanced conditions, persistent oversupply continues to weigh on prices, which trended down over the previous month and eased by over one per cent compared to last year’s levels.

Quick Stats

*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.

Are You Ready to Buy Up?