HOUSING MARKET FACTS
• After the first two months of the year, detached sales were 1,079 units. This is 13 per cent below last year’s levels and nearly 30 per cent below long-term averages. Sales eased across all city districts except the North West. Activity remained well below normal levels across all districts of the city.
• The adjustments in new listings ranged from a 15 per cent increase in the North West district to a decline of 23 per cent in the North district. Overall, year-to-date new listings were 2,544 units, nearly two per cent below last year’s levels.
• Despite some adjustments in new listings, average inventories in the detached sector so far this year rose by 25 per cent compared to last year. However, some of the most affordable detached areas, including the North East and East districts, have seen inventories fall compared to last year.
• With detached months of inventory remaining above five months, prices continue to trend down. In February, citywide detached benchmark prices were $475.600, 0.2 per cent below last month and over five per cent below levels recorded last February.
• Despite the relative affordability of apartment product, sales activity remained slow with 149 sales.
• Unlike the detached sector, the seventh consecutive year-over-year decline in new listings is starting to have an impact on inventory levels.
• In February, inventory levels totalled 1,301 units. This is nine per cent below levels recorded last year. Inventories did ease, but slow sales in February kept the months of supply near nine months.
• Apartment condominium prices were $252,300 in February, a 1.7 per cent decline compared to last year, but similar to levels recorded last month. Apartment condo prices have fallen by 16 per cent over the previous monthly highs.
• Citywide benchmark prices have eased, but some districts of the city have recorded modest gains. This is not enough to erase previous declines, but points toward price stability in parts of the market. Attached
• Conditions remained relatively unchanged in the attached sector, as months of inventory remained near seven months and prices have remained unchanged from last month, but over four per cent below last year’s levels.
• Like the apartment sector, activity can vary significantly depending on location. Benchmark prices for semi-detached product eased by over five per cent compared to last year, with the steepest declines occurring in the South and City Centre districts.
• Prices slightly improved in the North district.
• Row prices declined by nearly four per cent compared to last year. Unlike the semi-detached sector, prices eased across all districts compared to last year and remain nearly 14 per cent below monthly highs.