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Market Watch - Canadian Housing Market Roars Back to Life in July

Sales activity was extremely strong for the first full month of summer. Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school. This year, however, was different with pent-up demand from the COVID-19-related lull in April and May being satisfied in the summer, as economic recovery takes a firmer hold, including partial re-opening of the economy. In addition, fewer people are travelling, which has likely translated into more transactions and listings.

 

Ontario - Sales Activity Was Extremely Strong For The First Full Month of Summer

Toronto, 06 August 2020 -- Toronto Regional Real Estate Board President Lisa Patel announces that Greater Toronto Area REALTORS® reported 11,081 sales through TRREB’s MLS® System in July 2020 – a 29.5% increase over July 2019 and a new record for the month of July. On a preliminary seasonally adjusted basis, sales were up by 49.5% compared to June 2020.

Year-over-year sales growth was driven by low-rise home types, particularly in the regions surrounding the City of Toronto. However, condominium apartment sales were also up on an annual basis, including in Toronto.

Total new listings were also up strongly on a year-over-year basis by 24.7%, but this annual growth rate was less than that of sales, which means market conditions tightened on average compared to July 2019. In addition, active listings at the end of July were down by 16.3%.

“Sales activity was extremely strong for the first full month of summer. Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school. This year, however, was different with pent-up demand from the COVID-19-related lull in April and May being satisfied in the summer, as economic recovery takes a firmer hold, including stage 3 re-opening. In addition, fewer people are travelling, which has likely translated into more transactions and listings,” said Ms. Patel.

The July 2020 MLS® Home Price Index (HPI) Composite Benchmark was up by 10% compared to July 2019. The overall average selling price was up by 16.9% year-over-year to $943,710. On a preliminary seasonally adjusted basis, the average selling price was up by 5.5% compared to June 2020.

Price growth was strongest for low-rise home types, notably within the City of Toronto. Despite more balanced market conditions in the condominium apartment market segment, year-over-year price growth remained in the high single digits.

 

July Sales Mirror Ottawa’s Weather…Hot!

Ottawa, August 7, 2020 -- Members of the Ottawa Real Estate Board sold 2,189 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,838 in July 2019, a year over year increase of 19%. July’s sales included 1,646 in the residential-property class, up 19% from a year ago, and 543 in the condominium-property category, an increase of 18% from July 2019. The five-year average for July unit sales is 1,729.

“The resale market is not only holding its own but has surpassed 2019 figures by a significant margin,” states Ottawa Real Estate President Deborah Burgoyne. “Summer usually slows down; however, after the pandemic curtailed the spring market this year, we have rebounded well beyond expectations. It is somewhat surprising given continuing inventory shortages and the extra diligence and precautions being taken by our Members and their clients to ensure everyone’s safety in the process.”

July’s average sale price for a condominium-class property was $357,764, an increase of 19% from this time last year while the average sale price of a residential-class property was $585,084, an increase of 20% from a year ago. With a year to date average sale prices at $560,836 for residential and $352,847 for condominiums, these values represent a 16% and 18 percent increase over 2019, respectively. *

“Ottawa’s resale market offers solid returns for many Sellers, while Buyers continue to feel the squeeze. Those most impacted are especially those attempting to enter the housing market. Multiple offers are a common occurrence with over 57% of properties selling over the listing price compared to 33% of transactions last July.”

“With a market that is now characterized as hot, the question posed by clients, media and the public alike is, “when or where this will all end?” Since this is a newer phenomenon for the Ottawa market, which is typically very steady and predictable, we can look to other larger cities that have seen this type of sustained trajectory. As long as we have demand outpacing supply, this will continue,” Burgoyne emphasizes.

“Now that the market is on an upward trend, timing is critical. For those contemplating a move without the pressure of a purchase tied to it, it is an opportune time to realize a solid return on your investment. This market is challenging for all involved, and more balance would be a welcomed relief for everyone.” 

In addition to residential and condominium sales, OREB Members assisted clients with renting 1,883 properties since the beginning of the year compared to 1,619 at this time last year.

 

British Colombia - Metro Vancouver housing market sees steady summer activity

Metro Vancouver, 11 August 2020 -- Home buyer and seller activity in Metro Vancouver* exceeded historical levels in July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,128 in July 2020, a 22.3% increase from the 2,557 sales recorded in July 2019, and a 28% increase from the 2,443 homes sold in June 2020.

Last month’s sales were 9.4% above the 10-year July sales average.

"We're seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year. Low interest rates and limited overall supply are also increasing competition across our market." Said, Colette Gerber, REBGV Chair.

There were 5,948 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2020. This represents a 28.9% increase compared to the 4,613 homes listed in July 2019 and a 2.8% increase compared to June 2020 when 5,787 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,083, a 15.1% decrease compared to July 2019 (14,240) and a 5.8% increase compared to June 2020 (11,424).

“Safety remains the top priority for our REALTOR® community,” Gerber said. “We continue to limit in-person interactions with clients and employ different technology solutions to ensure home buyers and sellers can get as much information as possible in a virtual setting.”

For all property types, the sales-to-active listings ratio for July 2020 is 25.9%. By property type, the ratio is 25.1% for detached homes, 31.1% for townhomes, and 24.7% for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,031,400. This represents a 4.5% increase over July 2019 and a 0.6% increase compared to June 2020.

Sales of detached homes in July 2020 reached 1,121, a 33.3% increase from the 841 detached sales recorded in July 2019. The benchmark price for a detached home is $1,477,800. This represents a five% increase from July 2019 and a 0.9% increase compared to June 2020.

Sales of apartment homes reached 1,400 in July 2020, a 12.6% increase compared to the 1,243 sales in July 2019. The benchmark price of an apartment property is $682,500. This represents a 4.2% increase from July 2019 and a 0.3% increase compared to June 2020.

Attached home sales in July 2020 totalled 607, a 28.3% increase compared to the 473 sales in July 2019. The benchmark price of an attached home is $797,700. This represents a 3.7% increase from July 2019 and a 0.9% increase compared to June 2020.

 

Alberta, Residential Unit Sales Up 5.61% from last month.

Edmonton, August 5, 2020 -- Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for July 2020 increased 13.58% compared to July 2019 and increased 5.61% from June 2020. The number of new residential listings is up year over year, increasing 7.56% from July 2019. New residential listings are down month over month, decreasing 9.84% from June 2020. Overall inventory in the Edmonton CMA fell 15.52% from July of last year and decreased by 3.58% from June 2020.

For the month of July, single-family home unit sales are up 9.53% from July 2019 and up 3.91% from June 2020. Condo unit sales increased by 11.01% from July 2019 and increased by 6.70% from June 2020.

All residential average prices are up to $369,805, a 0.68% increase from July 2019, and up 2.67% from June 2020. Single-family homes sold for an average of $436,142, a 1.39% year-over-year increase from July 2019, and a 3.06% increase from June 2020. Condominiums sold for an average of $225,138, a 0.97% increase year-over-year, and prices are up 2.41% compared to June 2020. Duplex prices dropped 0.41% from July 2019, selling at $331,963, which was a 0.79% increase from June 2020.

“The Edmonton market prices have a slight increase in year-over-year unit sales, as well as month to month sales increase,” says REALTORS® Association of Edmonton Chair Jennifer Lucas. “There have also been more sales of single-family homes, condos and duplexes compared to July of last year. Single-family home pricing increased 3.06%, duplexes are down 0.41%, and condos are up 0.97% year-over-year.”

Single-family homes averaged 49 days on the market, an eight-day decrease from last year. Condos decreased to an average of 63 days on the market while duplexes averaged 55 days on market, an eleven-day decrease compared to July 2019. Overall, all residential listings averaged 54 days on market, decreased year-over-year, and decreased by five-days compared to the previous month.

 




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