Summary: October home sales were 15% above the 10-year October sales average. Majority of sales concentrated in the townhouse and apartment markets. The detached house market is well supplied with homes for sale, which is relieving pressure on prices. Townhouse and apartments markets continue to have limited supply to choose from causing upward pressure on prices. The growth in our provincial economy and job market is contributing to today’s demand. The federal government’s announcement of plans to tighten mortgage requirements also helped spur sale activity in the short term. Many buyers are trying to enter the market before the changes are in place.
Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less. Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.
- All Properties: Seller's market with a sales ratio of 32.1%.
- Detached House: Balanced market with a sales ratio of 16.3%.
- Townhouse: Seller's market with a sales ratio of 52.5%.
- Apartment: Seller's market with a sales ratio of 65%
- Total 3,022 residential sales in Oct 2017.
- 7.1% increase compared to Sept 2017.
- 35.3% increase compared to Oct 2016.
- Total 4,539 residential new listings in Oct 2017.
- 15.6% decrease compared to Sept 2017.
- 14% increase compared to Oct 2016.
Total Number of Listings
- 9,137 Total residential listings on the MLS® in Oct 2017.
- 3.5% decrease compared to Sept 2017.
- 0.1% decrease compared to Oct 2016.
Home Benchmark Price: Home benchmark price represents estimated sale price of a benchmark property. Benchmark property represents a typical property within each market.
- Detached House: Benchmark price Increase 4% from Oct 2016 to $1,609,600.
- Townhouse: Benchmark price increase 17.7% from Oct 2016 to $802,400.
- Apartment: Benchmark price increase 22.7% from Oct 2016 to $642,000.
Average Days on Market
- Detached House: Oct 2017, 41 days. Oct 2016, 36 days. Oct 2015, 35 days.
- Townhouse: Oct 2017, 26 days. Oct 2016, 23 days. Oct 2015, 32 days.
- Apartment: Oct 2017, 20 days. Oct 2016, 26 days. Oct 2015, 39 days.