Vancouver’s housing prices have started to level off after 6 to 9 months of decline. Prices declined between 1.9% and 2.5% in Q2 compared to Q1; however, this is lower than the 3% to 4% experienced in Q1 2019 compared to Q4 2019.
As price declines began to slow, it is not surprising to see sales increase across all three markets (single detached, condos, townhomes). Compared to Q1, sales increased by 70% for single detached homes, 47% for condos, and 84% for townhomes. Furthermore, with price declines slowing and sales increasing, the number of listings on the market has risen. Currently, the Vancouver market appears to be a buyer’s market, as we expect prices will start to rise as buyer interest surges. Vancouver’s current market provides investors the opportunity to enter the market at a price point which hasn’t been available since beginning 2017.
In Q2 2019, Toronto’s residential market continued its upward trend as prices, sales and listings all increased. Compared to Q1, prices have increased by roughly 5% for both single detached and condos, and 2.4% for townhomes. Compared to prices from a year ago, single detached home prices have decreased by 8%, condominiums have returned to the same price, and townhomes have decreased by 1%. Despite the increase in prices, sales have drastically increased, especially for single detached and townhomes which increased by 113% and condos by 50%. As is the normal trend when sales increase, the number of listings increased as well. Single detached listings increased by 54%, condos by 31% and townhomes by 89%.
Montreal’s hot market continues in Q2 2019 with sales and prices increasing while listings decline, creating a tighter market. Prices increased by roughly 3% across the single detached, condo, and the plex markets and single detached and condominiums YoY prices grew, by 1% and 2% respectively, whilst plex YoY prices decreased by 1%. Sales picked up during Q2 compared to Q1, rising by 28% for single detached, 22% for condos, and 50% for plexes. Unlike Vancouver and Toronto, the uptick in sales and prices in the Montreal market hasn’t led to a drastic increase in listings. Listings increased by only 7% for single detached, and decreased by 6% for condos and plexes. As a result, Montreal’s residential property high demand – low supply environment has continued to fuel international property investors interest in Montreal’s property market.
Victoria’s residential market is experiencing an increase in price, sales, and listings for the first time since Q3 2018. Compared to Q1 2019, prices increased by 1.6% for single detached, 2.5% for condos, and 1.1% for townhomes. There has also been positive YoY price growth across the three markets as single detached homes increased by 2%, condominiums by 4%, and townhomes by 2%. Sales have increased drastically in Q2, increasing by 74% for single detached, 52% for condo, and 57% for townhomes. Following its neighbor Vancouver, Victoria’s increase in prices and sales have led to a drastic uptick in listings, increasing 31% for townhomes and 41% for single detached homes and condos. Overall, the Victoria market is a balanced market leaning slightly more towards a seller’s market as a result of the minor increase in prices as well as the strong increase in sales.
After a long stretch of strong price growth, the Whistler market has experienced a slowdown since the end of Q3 2018 and this slowdown continues in Q2 2019. Prices decreased 5.5% for single detached homes, while increasing by 1.6% and 1% for condos and townhomes. However, the YoY prices have all decreased; single detached by 4%, condominiums by 12%, and townhomes by 19%. Sales also decreased with single detached homes dropping by 29%, condos declining by 6%. However, Townhome sales increased by 29%. Despite the relatively quiet sales activity, apart from townhomes, listings increased by 4% for single detached, 8% for condos, and 2% for townhomes.
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