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April 2019

Canadian Real Estate Market Update 2019 Q1

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In Q1 2019, we have experienced Vancouver’s continued property price decline, Toronto’s significant sales drop, Montreal and Victoria’s large YoY price increases, and Whistler’s cooling period after an extended period of strong price growth.

In Vancouver, YoY prices have fallen for condominiums (-7%), townhomes (-4%), but most notably single detached homes (-13%).  This is not surprising considering it has been three consecutive quarters where Vancouver’s property prices have decreased.   The drop in Q1 2019 prices coincided with a drop in sales as condominiums and single detached sales declined 11% and townhome sales declined 22%.   West Vancouver was the area which saw the largest decrease in prices this quarter, whilst East Vancouver has experienced the least.

Toronto’s YoY prices saw no change in the condominium market, a slight increase in townhomes, and a significant 12% decrease for single detached homes.  However, all three markets increased since last quarter, with single detached homes increased minutely by 0.4%, while condos and townhomes increased by roughly 1%.   Though prices have increased since Q4 2018, sales activity declined significantly for all markets.   Sales declined 23% for single detached homes, 13% for condos, and 27% for townhomes.  Amidst this downturn, the markets that experienced some growth were Toronto East’s single detached market and Toronto West’s condo market, both increasing by 3.6% since last quarter.

Although there was slight slowdown in price in Montreal from last quarter, YoY prices have increased along with sales.   YoY prices have increased in all markets, 5% in for single detached homes, 10% for condominiums, and 4% for plexes.   QoQ Montreal prices decreased 5.6% for single detached homes while condo prices only increased by 1%.   Nevertheless, the number of buyers in Montreal continues to grow as sales increased 8% for single detached homes and 15% for condos but decreased 14% for plexes since last quarter.

Victoria’s Q1 market statistics are very similar to Montreal’s with YoY increases in all markets while experiencing a slow down compared to last quarter.   YoY prices increased 4% for single detached homes, 7% for condos, and 5% for townhomes.  Compared to Q4 2018, single detached prices decreased 2% and condo and townhouse prices remained the same.

Whistler’s Q1 2019 property market is a tale of two stories; continued price growth in the single detached market and slumping prices for condos and townhomes.   Prices increased for single detached homes QoQ and YoY by 2% and 1%, respectively.   The reverse occurred for condos and townhomes, with both decreasing since last quarter by 1% and 4%, respectively, and YoY by 6% and 10%, respectively.   Whistler’s market has been very active over the past few quarters and as a result it isn’t surprising to see listings for single detached homes, condos, and townhouses increased more than 25% since last quarter, with townhouse listings experiencing a 46% increase.