Looks like the tariff uncertainty has put a damper on the market. Homes are still selling and in some markets the amount of listings have increased, calling for a balanced or even perhaps buyer’s markets coming up soon. 


Nanaimo, BC

UNCERTAINTY SURROUNDING TARIFFS HOLDING BACK BUYERS

Campbell River, BC
In Campbell River, the benchmark price of a single-family home was $682,400 last month, up three per cent from the previous year.

full report here

Vancouver, BC
February brings balance to Metro Vancouver’s housing market

“After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,” Andrew Lis, GVR’s director of economics and data analytics said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,744, a 32.3 per cent increase compared to February 2024 (9,634). This is also 36.4 per cent above the 10-year seasonal average (9,341)

The benchmark price for a detached home is $2,006,100. The benchmark price of an apartment home is $747,500. The benchmark price of a townhouse is $1,087,100. 

Full report here

Kelowna, BC

Residential real estate sales in February maintained a steady momentum while new listings activity tempered slightly, reports the Association of Interior REALTORS® (the Association). A total of 914 residential unit sales were recorded across the Association region in February, coming in above January’s 806 units and up 11.3% compared to units sold in February last year.

The benchmark price for single-family homes saw increases last month in all regions in year-overyear comparisons with the highest increase of 6.7% seen in the Revelstoke/Shuswap region, coming in at $731,800. In the townhome housing category, benchmark prices saw decreases or no percentage changes in all housing categories apart from the South Okanagan that saw an increase of 6.3%, coming in at $523,000. Similarly, benchmark pricing for condominiums recorded the South Okanagan being the exception with a decrease of 6.7%, while the Revelstoke/Shuswap, Central and North Okanagan saw slight increases

full report here

Calgary, AB

Sales remain above long-term trends despite declines 

For the second month in a row, inventory levels saw substantial year-over-year growth, rising by 76 per cent to 4,145 units in February. While inventory increases were seen across all price ranges, the largest increases were in homes priced under $500,000;

“Even though more people listed their homes for sale, there were actually fewer sales than in February 2024. So, we’re seeing the seller’s market of the past two or three years ease off,” said Alan Tennant, President and CEO of CREB®. “In turn, that’s caused the pace at which prices are increasing to slow down a bit, which should come as welcome news for buyers.”

full report here

Toronto, ON

Home buyers continued to benefit from substantial choice in the Greater Toronto Area (GTA) resale market in February 2025. Home sales last month were down in comparison to the same period last year, while listing inventory remained high, providing substantial negotiating power for homebuyers.

Full Report Here

Late last year the consumer confidence seemed very high with a lot of people agreeing that this year would be a busy year in real estate in Canada. With the results of presidential elections in the United States we have seen a decline of consumer confidence and there appears to be quite a bit of uncertainty. Let’s dive deeper to see what’s happening across the country.

Nanaimo, BC

Active listings of single-family homes were 888 last month, up from the 807 posted one year ago. VIREB’s inventory of condo apartments was 293 last month, up from 258 in January 2024. There were 219 row/townhouses for sale in January compared to 282 the previous year. VIREB CEO Jason Yochim reports that VIREB’s 2025 housing market had a strong start, with singlefamily detached properties and row/townhouses posting healthy sales increases over last January. Condo sales remained flat, with no change from January 2024.

“REALTORS® are reporting that their phones are ringing, with many clients expressing interest in listing their home this spring,” says Yochim. “The market is stronger than it was last January, so there is a lot of optimism in the air.”

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $774,600 in January 2025, up three per cent from one year ago. In the apartment category, the benchmark price was $393,600 last month, up one per cent from the previous January. The benchmark price of a townhouse last month was $540,000, up slightly from the prior year.

full report here

Campbell River, BC
In Campbell River, the benchmark price of a single-family home was $691,900 last month, up four per cent from the previous year.

Vancouver, BC
Home sellers off to an active start in 2025
There were 5,566 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2025. This represents a 46.9 per cent increase compared to the 3,788 properties listed in January 2024. This was 31.1 per cent above the 10-year seasonal average (4,247).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,494, a 33.1 per cent increase compared to January 2024 (8,633). This is 33.2 per cent above the 10-year seasonal average (8,632).

The benchmark price for a detached home is $2,005,400. This represents a 3.1 per cent increase from January 2024 and a 0.4 per cent increase compared to December 2024.

The benchmark price of an apartment home is $748,100. This represents a 1.7 per cent decrease from January 2024 and a 0.2 per cent decrease compared to December 2024.

The benchmark price of a townhouse is $1,105,600. This represents a 2.7 per cent increase from January 2024 and a 0.8 per cent decrease compared to December 2024.

Full report here

Kelowna, BC

full report here

Calgary, AB

Supply levels improve in January
Driven by gains from homes priced above $600,000, new listings reached 1,228 units in January, which is 29 per cent higher than last year. At the same time, sales activity slowed to 674 units, which brought levels in line with long-term trends.
DETACHED: In January, the unadjusted benchmark price was $750,800, slightly higher than last month and seven per cent higher than last January.
SEMI-DETACHED:
The unadjusted benchmark price in January was $673,600, slightly lower than last month but over eight per cent higher than levels reported last January.
APARTMENTS:
The unadjusted benchmark price was $444.900, slightly lower than last month and nearly five per cent higher than last year.
 

full report here

Toronto, ON

TORONTO, ONTARIO, FEBRUARY 5, 2025 – The Toronto Regional Real Estate Board’s (TRREB) Market Outlook and Year in Review report reveals that a well-supplied housing market will keep average annual home price growth at the rate inflation, with the average selling price increasing moderately in the Greater Toronto Area (GTA) over the course of the year.

Full Report Here

April 2024 Real Estate Statistics across Canada

Every month I look at these statistics with the intention of educating myself so I can help my clients to make better decisions. Unfortunately, these stats can only show me what already happened, based on solid data. There’s no crystal ball that can predict the near future. Please have a read and draw your own conclusions on what you think will happen in the next little while. I have summarized the main points from each region that I view as relevant. Full reports are also available under each city. Enjoy!   

Victoria

“The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “These factors, combined with growth in the available inventory, has created a welcoming and more balanced market for buyers and sellers.”

There were 3,017 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2024, an increase of 14 per cent compared to the previous month of March and a 47.7 per cent increase from the 2,043 active listings for sale at the end of April 2023.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2023 was $1,295,800. The benchmark value for the same home in April 2024 decreased by 0.9 per cent to $1,284,600, up from March’s value of $1,279,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2023 was $564,000 while the benchmark value for the same condominium in April 2024 increased by 0.7 per cent to $567,800, up from the March value of $567,300.

FULL REPORT HERE

Vancouver

Inventory reaches highest level since the pandemic summer of 2020
Actively listed homes for sale on the MLS® in Metro Vancouver1 continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.

There were 7,092 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2024. This represents a 64.7 per cent increase compared to the 4,307 properties listed in April 2023. This was 25.8 per cent above the 10-year seasonal average (5,637).

“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over month,” Lis said.

The benchmark price for a detached home is $2,040,000. This represents a 6.3 per cent increase from April 2023 and a 1.6 per cent increase compared to March 2024.
The benchmark price of an apartment home is $776,500. This represents a 3.2 per cent increase from April 2023 and a 0.1 per cent decrease compared to March 2024.
The benchmark price of a townhouses is $1,127,200. This represents a 4.3 per cent increase from April 2023 and a 1.3 per cent increase compared to March 2024.
FULL REPORT HERE

Calgary

Price growth persists in Calgary as seller's market prevails
“While supply levels are still declining, much of the decline has been driven by lower-priced homes," said Ann-Marie Lurie, Chief Economist at CREB®. “Homes priced below $500,000 have reported a 29 per cent decline. Meanwhile, we are seeing supply growth in homes priced above $700,000. Persistently high-interest rates are driving demand toward more affordable products in the market and, at the same time, driving listing growth for higher-priced properties.”

With a sales-to-new-listings ratio of 83 per cent and a months of supply of less than one month, conditions continue to favour the seller, driving further price gains in the market. In April, the unadjusted total residential benchmark price reached $603,700, a one per cent gain over last month and nearly 10 per cent higher than last year's levels. Price gains occurred across all property types and districts of the city. The strongest price growth occurred in the more affordable districts of the city. 

Detached homes:
Adjustments in sales and inventory levels caused the months of supply to fall further this month. The less than one-month supply reflects a market favouring the seller, driving further price growth.
In April, the unadjusted benchmark price reached $749,000, over one per cent higher than last month and 13 per cent higher than April 2023 levels. Year-over-year gains were the highest in the city's most affordable districts.

Semi-Detached:
The persistently tight market conditions have caused further price gains. In April, the unadjusted benchmark price reached $668,400, nearly two per cent higher than last month and 13 per cent higher than levels reported last year. Year-over-year price gains ranged from a high of 23 per cent in the East district to a low of 10 per cent in the City Centre. 

Row:
The persistently tight conditions, especially in the lower price ranges, are driving further price growth for row homes. In April, the unadjusted benchmark price reached $458,100, two per cent higher than last month and 20 per cent higher than levels reported last year. Both monthly and year-over-year gains were the highest in the most affordable districts of the North East and East, where resale row homes are still priced below $400,000. 

Apartments:
Like other property types, year-over-year supply declines are driven by the lower-priced segments of the market, which for apartment condominiums is units priced below $300,000. Overall, persistent sellers’ market conditions in the lower price ranges are driving further price growth. In April, the unadjusted benchmark price reached $346,200 a month, a gain of over two per cent and nearly 18 per cent higher than last April. Year-over-year price growth ranged from over 30 per cent in the North East and East districts to a low of 13 per cent in the City Centre.

FULL REPORT HERE

Toronto

April 2024 home sales were down in comparison to April 2023, when there was a temporary resurgence in market activity. New listings were up strongly year-over-year, which meant there was increased choice for home buyers and little movement in the average selling price compared to last year.
“Listings were up markedly in April in comparison to last year and last month. Many homeowners are anticipating an increase in demand for ownership housing as we move through the spring. While sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate before purchasing a home,” said TRREB President Jennifer Pearce.

The average price of a detached home in the area code (416) is $1,822,244. Semi-detached: $1,365,061. Townhouse $1,010,632. Condo:$766,917.

FULL REPORT HERE

Nanaimo

“Sales are up from March, and REALTORS® are showing a lot of homes,” says Yochim. “Listings have also had a healthy boost, which is positive news, and sellers are responding to changing market conditions with price adjustments.” Yochim adds that Vancouver Island has experienced chronically low inventory for several years, so additional listings benefit buyers and sellers. “More inventory means more choices for buyers, but sellers also need somewhere to go when their home is purchased,” says Yochim. “Additional listings are a win-win for everyone.”

In Campbell River, the benchmark price of a single-family home was $678,800 last month, up seven per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by nine per cent to $857,300. In the Cowichan Valley, the benchmark price was $772,300, a four per cent increase from April 2023. Nanaimo’s year-over-year benchmark price rose by five per cent to reach $799,300, while the Parksville-Qualicum area saw its benchmark price increase by three per cent to $885,000. The cost of a benchmark single-family home in Port Alberni was $531,400, up four per cent from the previous year. For the North Island, the benchmark price of a single-family home dropped by two per cent to $413,300.

FULL REPORT HERE

Quadra Island Real Estate:

April was a busy month Quadra Island, with 5 new listings, 2 pending, 1 sold.

Current Listings on Quadra Island here

Cortes Island Real Estate:

in April Cortes saw 3 new listings, 1 pending, 1 expired. 

Current Listings on Cortes Island here

 In conclusion, I see that more inventory is already providing more options for buyers. It’s good for buyers and sellers alike because a lot of sellers will have to purchase a new property once they sell. Most people talk about housing as if it’s a commodity and to some extend it is, however it’s really a place where people live. When people can’t afford to live in their own house they will choose to sell and downgrade. Based on what i’m seeing in my day to day transactions a lot of people are selling because they need to downsize, move to a bigger city closer to hospitals. Most of my clients are watching the interest rates and hoping they will go back down. What will happen if they don’t? Are we on the verge of a buyers market? Are we going to be flooded with new listings and not enough interested buyers? What will happen to pricing if rates don’t go down? What will happen to pricing if the rates do go down? All these questions keep me up at night. Nobody truly knows but I feel like something needs to give. There’s too much tension in the market and we are way overdue for a correction. 

As we delve into the real estate market for the month of March, it's evident that each city has its own unique story to tell. From Victoria to Nanaimo, Vancouver to Calgary to Toronto, the trends and statistics vary, showcasing the diverse nature of Canada's real estate landscape. All across the country we are facing high interest rates, high demand for housing due to record immigration numbers and slow down in construction starts. It’s a perfect storm for prices to go even higher in this mostly balanced market.  
Let's take a closer look at the market performance in each of these cities.

Victoria

“We’ve concluded a rather quiet first quarter and are transitioning into the spring market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2023 was $1,258,300. The benchmark value for the same home in March 2024 increased by 1.7 per cent to $1,279,300, up from February’s value of $1,247,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2023 was $549,000 while the benchmark value for the same condominium in March 2024 increased by 3.3 per cent to $567,300, up from the February value of $557,000.

FULL REPORT HERE

Vancouver
The Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,415 in March 2024, a 4.7 per cent decrease from the 2,535 sales recorded in March 2023. This was 31.2 per cent below the 10-year seasonal average (3,512). “If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” Andrew Lis, GVR’s director of economics and data analytics said. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well located properties.”

The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024. The benchmark price of an apartment home is $770,700. The benchmark price of a townhouse is $1,094,700

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,552, a 22.5 per cent increase compared to March 2023 (8,617). This is 6.3 per cent above the 10-year seasonal average (9,923).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2024 is 23.8 per cent. By property type, the ratio is 18.2 per cent for detached homes, 31.3 per cent for attached, and 25.8 per cent for apartments.

Sales of detached homes in March 2024 reached 694, a 5.4 per cent decrease from the 734 detached sales recorded in March 2023. The benchmark price for a detached home is $2,007,900. This represents a 7.4 per cent increase from March 2023 and a 1.8 per cent increase compared to February 2024.

Sales of apartment homes reached 1,207 in March 2024, a 7.9 per cent decrease compared to the 1,311 sales in March 2023. The benchmark price of an apartment home is $777,500. This represents a 5.7 per cent increase from March 2023 and a 0.9 per cent increase compared to February 2024.

Attached home sales in March 2024 totaled 495, a 6.2 per cent increase compared to the 466 sales in March 2023. The benchmark price of a townhouse is $1,112,800. This represents a 5 per cent increase from March 2023 and a 1.7 per cent increase compared to February 2024.

FULL REPORT HERE

Calgary
March reflects strong seller's market and price increases.
“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month," said Ann-Marie Lurie, Chief Economist at CREB®. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.”

Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000. In March, there were 2,532 units in inventory, 22 per cent lower than last year and half the levels we traditionally see in March.

Detached homes:
Low inventories compared to sales caused the months of supply to drop below one month, driving further price gains. The unadjusted detached benchmark price rose to $739,700, a monthly gain of nearly three per cent and a year over-year gain of 14 per cent. The largest year-over-year gains occurred in the most affordable North East and East districts.
Semi-Detached:
Limited supply and growing demand drove further price gains in March. The unadjusted benchmark price reached $658,000, nearly three per cent higher than last month and a 14 per cent gain over last March. Prices rose across all districts in the city, with year-over-year gains ranging from a low of 11 per cent in the highest-priced area of the City Centre to 25 per cent in the lowest-priced market in the East district.
Row:
The decline in inventory levels was driven by properties priced below $400,000, as inventory levels rose 35 per cent for units priced above $400,000. The unadjusted benchmark price trended up in March, reaching $448,700, a monthly gain of nearly three per cent and over 20 per cent higher than levels reported at this time last year. The higher-priced City Centre reported the slowest growth in benchmark prices, with the highest growth reported in the city's most affordable districts.
Apartments:
Demand for lower-priced homes has supported the growth of apartment-style properties, but the tight conditions have also contributed to further price gains. In March, the benchmark prices reached $337,700, over two per cent higher than last month and 17 per cent higher than levels reported last March.

FULL REPORT HERE

Toronto

“We have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment. At the same time, homeowners may be anticipating an improvement in market conditions in the spring, which helps explain the marked increase in new listings so far this year. Assuming we benefit from lower borrowing costs in the near future, sales will increase further, new listings will be absorbed, and tighter market conditions will push selling prices higher,” said TRREB President Jennifer Pearce.

“The average selling price edged up in comparison to last year as we moved through the first quarter of 2024. Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers’ market conditions start to emerge in many neighbourhoods. Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing,” said TRREB Chief Market Analyst Jason Mercer.

The average price of a detached home in the area code (416) is $1,708,437. Semi-detached: $1,300,403. Townhouse $999,771. Condo:$729,392.

FULL REPORT HERE

Nanaimo
MARCH HOUSING MARKET CALMER THAN EXPECTED
“As we reported last month, there is a lot of interest among potential buyers,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are definitely busy, although the statistics don’t reflect that. We expect it will be June before the numbers catch up with pent-up demand.”
“The VIREB area is geographically widespread, so market conditions in Nanaimo won’t be the same as in Port Alberni,” adds Yochim. “However, properties priced appropriately for their location attract the most interest and sell more quickly than overpriced homes. That’s why the knowledge a local REALTOR® brings to the table is invaluable.”
In Campbell River, the benchmark price of a single-family home was $677,500 last month, up eight per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by 10 per cent to $856,300. In the Cowichan Valley, the benchmark price was $753,200, a three per cent increase from March 2023. Nanaimo’s year-over-year benchmark price rose by six per cent to reach $794,900, while the Parksville-Qualicum area saw its benchmark price increase by two per cent to $867,300. The cost of a benchmark single-family home in Port Alberni was $528,800, up four per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by four per cent to $407,100.

FULL REPORT HERE

Quadra Island Real Estate:

March had a busy start on Quadra Island, with 7 new listings, 3 pending, 1 sold. All prices were between $419,000 and 1,199,000, one at $6,5000,000. Out of the 11 listings 3 are over the million dollar mark. Quadra Island has currently 21 active listings.
March activity on Quadra Island here

Current Listings on Quadra Island here

Cortes Island Real Estate:
Cortes saw 2 new listings, one of which was a re-list, one sold, and 1 expired. Cortes currently has 10 active listings.
March activity on Cortes Island here

CORTES ISLAND REAL ESTATE LISTINGS

 In conclusion, statistics can be manipulated and don’t necessarily show the whole picture. It’s very clear that Canada’s immigration policy is flawed and our country is taking more immigrants than new housing builds. This is creating a massive shortage of housing across the whole country. With 500,000 new immigrants expected this year the demand is not going to slow down much. Let’s be realistic, rents can not continue to go up endlessly. There is a cap on tenant’s ability to pay rent. Are we nearing that cap? Based on the most current sales it clearly appears that less transactions happen. In the month of March specifically, Vancouver has seen 31% less transactions than the 10 year seasonal average. Vancouver Island Real Estate Board: Campbell River 45% decline YoY of transactions. Comox 36% Less transactions than last year. Nanaimo 11% less, Parksville 31% less, Port Alberni almost 7% less, Cowichan Valley is the only area that has seen more sales than last year with 1.72% growth. Calgary is still in a very strong seller’s market with almost 10% growth in transactions! Toronto had less transactions but it’s in single digits still. Let’s see what happens in the next couple of weeks with the start of spring market. Last year spring market had an earlier start compared to this year. Maybe we need some good weather to wake up the buyers or maybe this is how things will be this year. That remains to be seen. I can’t predict the future, but I feel that the market will be much slower this year. The key to selling your home today is to make sure the property is in good shape and priced very well, otherwise it won’t sell; just like many new listings that are coming to the market now. 

As we delve into the real estate market for the month of February, it's evident that each city has its own unique story to tell. From Victoria to Nanaimo, Vancouver to Calgary to Toronto, the trends and statistics vary, showcasing the diverse nature of Canada's real estate landscape. All across the country we are facing high interest rates, high demand for housing due to record immigration numbers and slow down in construction starts. It’s a perfect storm for prices to go even higher in this mostly balanced market.  
Let's take a closer look at the market performance in each of these cities.

Victoria

In Victoria, the real estate market continued to show strength in February. According to the Victoria Real Estate Board (VREB), a total of 470 properties were sold in the region, marking a 2.2% increase compared to the same month last year.
“We saw glimmers of a start to the spring market over the course of February,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “In addition to the increase in sales, more than five hundred new listings came to market when compared to last year’s inventory numbers. This much needed inventory gives buyers more selection and more time to make their purchasing decisions. We’ve also seen prices continue to remain stable, which is excellent for buyers and sellers because it makes the transaction much more predictable.”


The benchmark value for a single family home in the Victoria Core in February 2023 was $1,251,000. The benchmark value for the same home in February 2024 decreased by 0.3 per cent to $1,247,400, up from January’s value of $1,244,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2023 was $549,300 while the benchmark value for the same condominium in February 2024 increased by 1.4 per cent to $557,000, down from the January value of $559,000.

FULL REPORT HERE

Vancouver
“Home Sellers awaken this spring, bringing much-needed inventory to the housing market.”
The Vancouver real estate market saw a mixed performance in February. According to the Real Estate Board of Greater Vancouver (REBGV), a total of 2070 residential properties were sold in February, a 13.5% increase compared to the same month last year.
“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.”

“Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.

The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024. The benchmark price of an apartment home is $770,700. The benchmark price of a townhouse is $1,094,700

FULL REPORT HERE

Calgary

Low inventory and high demand drive price gains in February.
Calgary's real estate market experienced a surge in activity in February. The Calgary Real Estate Board (CREB) reported a total of 2711 residential sales in February, marking a 23% increase compared to the same month last year.
Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market," said Ann-Marie Lurie, Chief Economist at CREB®. “It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.

The benchmark price of a detached home rose to $721,300, showcasing the high demand and competitive nature of the market. Semi detached reached $639,100. Row homes $436,500. Apartments $329,600.

FULL REPORT HERE


Toronto
The Toronto real estate market remained strong in February, with high demand driving prices up. According to the Toronto Regional Real Estate Board (TRREB), a total of 5,607 residential transactions were recorded in February, a 17.9% increase compared to the same month last year.
“As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the year, lower interest rates will further boost demand for ownership housing. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity,” said TRREB Chief Market Analyst Jason Mercer
“Population growth has been at a record pace and with the anticipated lower borrowing costs, the demand for housing – both ownership and rental – will also increase over the next two years. Unaffordable housing not only has a financial impact but also a social impact. Recent research conducted for TRREB by CANCEA in our 2024 Market Outlook and Year in Review report underscores the negative impact of unaffordable housing on peoples’ mental health and life satisfaction. It’s comforting to see that there has been some real building happening in the GTA and that the provincial government is rewarding those municipalities that are working to eliminate the red tape and meet those homeownership needs,” said TRREB CEO John DiMichele.

The average price of a detached home in the area code (416) is $1,657,026. Semi-detached: $1,319,884. Townhouse $970,967. Condo:$726,608

FULL REPORT HERE

Nanaimo

“February Sees Significant Sales Increase”
Last month, 254 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, up 15 per cent from one year ago and 67 per cent from January 2024.
“Board-wide, sales rose significantly from last February, while month over month, increases were in the high double digits,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are reporting that although many buyers are waiting for spring, pent-up demand is high.”
While much media attention has been on interest rates and a hoped-for reduction from the Bank of Canada, some financial institutions are offering excellent rates. “In fact, five-year fixed rates are between five and seven per cent, and for current clients, some banks are offering rates of less than five per cent for longer terms,” adds Yochim. “We encourage people to speak to a mortgage professional to determine their best option.”

In Campbell River, the benchmark price of a single-family home was $661,600 last month, up nine per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by six per cent to $829,500. In the Cowichan Valley, the benchmark price 2was $749,900, a five per cent increase from February 2023. Nanaimo’s year-over-year benchmark price rose by six per cent to reach $787,000, while the Parksville-Qualicum area saw its benchmark price increase by three per cent to $845,700. The cost of a benchmark single-family home in Port Alberni was $528,400, up nine per cent from the previous year. For the North Island, the benchmark price of a single-family home dropped by four per cent to $392,100.

FULL REPORT HERE

In conclusion, February presented a mixed bag of trends in the real estate markets of Victoria, Vancouver, Calgary, Toronto, and Nanaimo. While some cities experienced a surge in sales and price growth, others saw a slight slowdown. It’s still too early to tell if the Spring market will be very busy with sales or with listings. It appears to me that there will be a lot more inventory hitting the market soon. Great news for the buyers waiting for some options.

These trends indicate the resilience and diversity of Canada's real estate market, offering opportunities for both buyers and sellers in different regions.

Quadra Island Real Estate:
February had a busy start on Quadra Island, with 7 new listings, 2 pending, 1 cancelled and 1 expired listing. All prices were between $579,000 and 1,900,000. Out of the 11 listings 6 are over the million dollar mark. Quadra Island has currently 21 active listings.

QUADRA ISLAND REAL ESTATE LISTINGS

Cortes Island Real Estate:
Cortes saw 2 new listings, one of which was a re-list, one sold, and 1 expired. Cortes currently has 10 active listings.

CORTES ISLAND REAL ESTATE LISTINGS

2024 January Real Estate Market Statistics and Trends: A Comprehensive Analysis

Welcome to QuadraRealty.ca's monthly real estate market update for January 2024. In this report, we will provide an in-depth analysis of the market statistics and trends for Victoria, Nanaimo, Campbell River, Calgary, Toronto, and Vancouver, based on the latest data from reputable real estate boards. Whether you're a homebuyer, seller, or investor, understanding the current market conditions is crucial for making informed decisions. Let's dive in!

Victoria Real Estate Market

“A balanced market means opportunity for buyers and sellers in Victoria”

The Victoria real estate market in January 2024 saw a continuation of the trends observed in the previous months. According to the Victoria Real Estate Board (VREB), there were 341 number of sales, representing a 3.6% increase compared to December 2023.

There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2024, an increase of 0.4 per cent compared to the previous month of December and a 23.1 per cent increase from the 1,739 active listings for sale at the end of January 2023.
“I think this balance and stability in our market brings with it an optimistic outlook for the coming months,” adds Chair Lidstone. “If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing. Of course, there are many factors that impact the market here in Victoria, and as we’ve seen in the past things can change very rapidly. If you are considering selling or buying, connect with a local Realtor to identify where your opportunities are as we move towards spring.”

One notable trend in Victoria is the continued demand for single-family homes, driven by factors such as low mortgage rates and lifestyle changes. The inventory of available homes remains tight, putting upward pressure on prices.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2023 was $1,224,000. The benchmark value for the same home in January 2024 increased by 1.6 per cent to $1,244,000 down from December’s value of $1,268,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2023 was $562,200 while the benchmark value for the same condominium in January 2024 decreased by 0.6 per cent to $559,000, down from the December value of $562,000.

full report here

Nanaimo Real Estate Market:

“Normal January kicks off 2024 with optimistic outlook”

Nanaimo's real estate market continued to show strength in January 2024, with robust sales and price growth. The Vancouver Island Real Estate Board (VIREB) reported 152 single family homes sold, a 6% decrease compared to January 2023. The average selling price for residential properties in Nanaimo was $749,000, up 6% year-over-year.

Similar to Victoria, Nanaimo is experiencing strong demand for single-family homes, driven by factors such as affordability and quality of life. The market is also attracting buyers looking to relocate from larger urban centers to more relaxed and scenic locations.

full report here

Campbell River Real Estate Market:

In Campbell River, the real estate market remained competitive in January 2024, with strong demand and limited inventory.
Campbell River's appeal lies in its natural beauty and outdoor recreational opportunities, making it attractive to buyers seeking a laid-back lifestyle. The market is characterized by a mix of single-family homes, waterfront properties, and condominiums.

In Campbell River, the benchmark price of a single-family home was $650,500 last month, up seven per cent from the previous year. Apartment benchmark price: $319.300. Townhouse: $518,000

full report here

Vancouver Real Estate Market:

“Home sales across Metro Vancouver’s housing market off to strong start in 2024”

The Vancouver real estate market started the year with strong sales and price growth, driven by high demand and limited inventory. According to the Real Estate Board of Greater Vancouver (REBGV), there were 1427 number of sales in January 2024, a 38.5% increase compared to January 2023. This was 20.2% below the 10 year seasonal average (1,788)

The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023. The benchmark price of a townhouse is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.

Vancouver's real estate market is characterized by its desirability among local and international buyers, particularly in the luxury segment. Despite affordability challenges, the market remains competitive, supported by strong demand and limited supply. 

Full report here

Calgary Real Estate Market:

“January sees strong sales fueled by boost in new listings”

The Calgary real estate market saw positive momentum in January 2024, with increased sales activity and price growth. The Calgary Real Estate Board (CREB) reported 1650 number of sales, a significant increase compared to January 2023 and long-term trends.
The average selling price for residential properties in the city of Calgary was $572,300, reflecting a 10% increase year-over-year. Detached homes: $702,200; an increase of 12.6% Y/Y; Semi detached: $625,000 at 11.3% increase Y/Y; Row houses: $426,400, 19.7% increase Y/Y; Apartments $324,000 a 18.7% increase Y/Y

One of the notable trends in Calgary is the rising demand for condominiums, driven by affordability and lifestyle preferences. The market is also benefiting from a stronger economy and job market, which is supporting housing demand.

Full report here

Toronto Real Estate Market:

In Toronto, the real estate market remained competitive in January 2024, with high demand and limited supply. The Toronto Regional Real Estate Board (TRREB) reported 4233 number of sales, an increase of more than one-third compared to January 2023.

Average price area code (416) of a detached home $1,570,520; semi-detached $1,199,531; Townhouse $895,307; Condo $709,419. 

Despite ongoing supply challenges, particularly in the single-family home segment, Toronto continues to attract buyers due to its strong economy, diverse population, and vibrant culture. Condominiums remain a popular choice for many buyers in the city.

Full report here

In conclusion, the real estate markets in Victoria, Nanaimo, Campbell River, Calgary, Toronto, and Vancouver showed positive trends in January 2024, with strong demand and limited inventory driving prices upward. Whether you're looking to buy, sell, or invest, it's essential to stay informed about the latest market conditions and trends. What worries me personally, is the drop in new construction starts. We should have much more inventory created to combat the shortage of inventory. We have been in a housing shortage for many years yet there seems to be no help on the horizon. The immigration to Canada far outreaches the supply of housing. Looks like 2024 will be another busy day with prices going up. We may not see huge price increases but on average prices will probably continue going up. Let’s see what Bank of Canada will do with interest rates on the next announcement on April 10.
Stay tuned for next month's market update!

Interesting topics to consider:

January monthly housing starts key highlights.
CHMC has a lot of interesting statistics, full reports here

• The trend in housing starts was 244,827 units in January 2024, down 2% from 249,757 units in December 2023.

• The trend measure is a 6-month moving average of the monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada.

• Total SAAR housing starts were up 179% in Toronto, driven by a significant increase in multi-unit starts.

• Montréal and Vancouver both posted declines of 28% and 55%, respectively, due to decreases in multi-unit starts.

Foreign Buyer Ban

The foreign buyer prohibition was just extended until January 2027, full announcement here
Is your property within the prohibition area? check here

Canada Just Saw the Largest Foreign Investor Sell Off EVER. 

Canada is typically seen as a safe haven for investors but some of that sheen has begun to tarnish. Foreign investors sold a net of $48.7 billion worth of Canadian equities in 2023. That number doesn’t just sound astronomical, it would have been unimaginable in 2019. It’s the largest annual outflow on record ever for Canada. FULL ARTICLE HERE: Foreign Investments leaving Canada

As we begin 2024, it's time to reflect on the state of the real estate market across Canada. December is often a pivotal month, offering insights into the market's performance over the past year and providing indicators of what may lie ahead in the coming year. In this blog post, we'll delve into the December 2023 statistics from various regions across the country to gain a comprehensive understanding of the current market conditions.

Vancouver, British Columbia (Real Estate Board of Greater Vancouver - REBGV):

In December 2023, the Vancouver real estate market continued to display strength, with the average price of a single-family home reaching $1,965,000. The benchmark price of a single-family home increased by 7.7% compared to the previous year, reflecting the ongoing demand in the region.

Full report here

Victoria, British Columbia (Victoria Real Estate Board - VREB):

Victoria's real estate market also demonstrated resilience, with the average price of a single-family home reaching $1,275,000 in December 2023. The benchmark price of a single-family home increased by 6.2% compared to the previous year, showcasing the city's appeal to homebuyers.

Full report here

Calgary, Alberta (Calgary Real Estate Board - CREB):

In Calgary, the average price of a single-family home in the city of Calgary was $697,400 in December 2023. While the market showed signs of stability, with a benchmark price increase of 12.8% compared to the previous year, it also faced challenges related to economic factors and supply dynamics.

Full report here

Toronto, Ontario (Toronto Regional Real Estate Board - TRREB):

Toronto's real estate market remained robust, with the average price of a single-family home in area 416 reaching $1,626,980 in December 2023. The average price of a single-family home decrease by -0.3% compared to the previous year, reflecting the city's status as a competitive real estate market.

Full report here

Nanaimo
High interest rates are primarily to blame for the weaker sales, as there was significant demand, but many buyers opted to wait for an anticipated 2024 rate cut.
Benchmark price for detached homes: Comox Valley- $820,600; Cowichan Valley- $763,400; Nanaimo- $781,900; Parksville- $845,200; Port Alberni- $530,700; North Island- $426,300

Campbell River $653,100 up from $607,900 from last year. 
Quadra Island had one sold, one pending, one withdrawn and one property expired. 

Full report here

Market Trends and Predictions:

Across Canada, the real estate market in December 2023 displayed resilience and growth in many regions. Low interest rates, demographic shifts, and a strong desire for homeownership contributed to the market's performance. However, supply constraints and affordability challenges remained key factors affecting certain markets.

Looking ahead to 2024, it's essential to monitor factors such as interest rate changes, government policies, and economic indicators that could influence the real estate landscape. Continued demand for housing, coupled with supply-side challenges, is likely to shape the market's trajectory in the coming months.

Conclusion:

The December 2023 real estate statistics across Canada reflect a diverse landscape characterized by growth, stability, and unique regional dynamics. As we move into the new year, staying informed about market trends and developments will be crucial for both buyers and sellers navigating the Canadian real estate market.

By analyzing the data from different regions, we gain valuable insights into the broader trends shaping the industry and can make informed decisions about real estate investments and transactions. As always, it's advisable to consult with real estate professionals for personalized advice tailored to specific needs and objectives in this dynamic market.

Are you considering selling your home on Quadra Island? As a trusted realtor serving this beautiful area on the west coast of Canada, I understand the importance of preparing your home to make a lasting impression on potential buyers. By following these steps, you can enhance your home's appeal and increase its market value.

1. Declutter and Depersonalize Start by decluttering your home to create a clean and spacious environment. Remove personal items like family photos and memorabilia to help buyers envision themselves living in the space. Consider renting a storage unit to temporarily store excess furniture and belongings.

2. Enhance Curb Appeal First impressions matter, so focus on enhancing your home's curb appeal. Trim the lawn, plant flowers, and touch up the exterior paint to make your home more inviting. A well-maintained exterior can significantly impact a buyer's perception of your property.

3. Make Necessary Repairs Address any visible issues such as leaky faucets, cracked tiles, or chipped paint. Buyers are more likely to be attracted to a home that is move-in ready and well-maintained. Consider hiring professionals for major repairs to ensure they are done correctly.

4. Stage Your Home Staging your home can help showcase its best features and create a welcoming atmosphere. Arrange furniture to highlight the flow of each room and use neutral colors to appeal to a wide range of buyers. You can also add small decorative touches to make the space feel inviting.

5. Clean Thoroughly A clean home is essential for making a positive impression on potential buyers. Deep clean every room, including carpets, windows, and appliances. Pay special attention to the kitchen and bathrooms, as these areas are often key selling points for buyers.

6. Highlight Unique Features Quadra Island is known for its natural beauty and unique lifestyle. Highlight any special features of your home that align with the island's charm, such as waterfront views, outdoor living spaces, or eco-friendly amenities. Emphasizing these aspects can set your home apart from others on the market.

7. Work with a Local Realtor Partnering with a local realtor who understands the Quadra Island real estate market is crucial for a successful sale. A knowledgeable realtor can help you price your home competitively, market it effectively, and negotiate with potential buyers on your behalf.

8. Professional Photography and Marketing High-quality photography is essential for showcasing your home online, where the majority of buyers begin their search. Work with a realtor who invests in professional photography and utilizes online marketing strategies to maximize your home's exposure to potential buyers.

9. Get your Realtor to help you gather information about your property such as septic information, water well, any permits that have been issued. 

10. Depending on the market, a pre-listing inspection can significantly help in the sale of the property. Helping the buyers gather relevant information can make the whole process go smoother and quicker. Getting as much information to the buyers will make a big difference. As a seller, your best approach is to disclose everything truthfully. 

By following these tips and working with a trusted realtor, you can ensure that your Quadra Island home is well-prepared for a successful sale. Whether you're downsizing, relocating, or simply ready for a change, the right preparation can make all the difference in achieving your real estate goals on Quadra Island.

Winter on the West Coast of British Columbia brings its own unique challenges and beauty. While the region is known for its milder temperatures compared to other parts of Canada, it's essential to prepare your home for the rainy season, occasional frost, and potential storms. In this article, we'll explore practical tips and considerations to ensure your West Coast home is ready to face the winter months.

1. Inspect Your Roof and Gutters:

   • Start by checking your roof for any missing or damaged shingles. Repair any issues to prevent leaks.

   • Clean out gutters and downspouts to ensure proper water drainage. This helps prevent water damage and ice buildup.

2. Seal Windows and Doors:

   • Inspect window and door frames for drafts. Seal any gaps or cracks with weatherstripping to improve insulation.

   • Consider using draft stoppers at the bottom of doors to prevent cold air from entering your home.

3. Check Heating Systems:

   • Schedule a professional inspection of your heating system to ensure it's in good working condition.

   • Replace furnace filters regularly for optimal performance and energy efficiency.

4. Insulate Pipes:

   • Insulate exposed pipes to prevent freezing. This is crucial, especially during colder nights.

   • Disconnect and drain outdoor hoses, and shut off the exterior water supply to prevent pipe damage.

5. Chimney Maintenance:

   • If you have a wood-burning fireplace, have the chimney cleaned and inspected before use.

   • Ensure the damper is working correctly to prevent drafts.

6. Prepare the Garden:

   • Trim back overhanging branches to prevent them from breaking under the weight of snow or ice.

   • Clear dead vegetation and debris from gutters, flower beds, and around the foundation.

7. Protect Outdoor Furniture:

   • Store or cover outdoor furniture to protect it from the elements.

   • Consider investing in covers for barbecues and other equipment left outside.

8. Emergency Kit:

   • Prepare an emergency kit that includes essentials like flashlights, batteries, candles, and non-perishable food items.

   • Keep a battery-powered radio on hand for weather updates during storms.

9. Check Carbon Monoxide and Smoke Detectors:

   • Test carbon monoxide and smoke detectors, and replace batteries if needed.

   • Consider installing a CO2 detector if you don't already have one.

10. Landscaping and Lawn Care:

    • Trim back trees and bushes to prevent damage during winter storms.

    • Fertilize and aerate your lawn to ensure it stays healthy through the colder months.

11. Clean and Store Summer Gear:

    • Clean and properly store summer items like patio furniture, pool equipment, and gardening tools.

    • Consider covering air conditioning units to protect them from winter weather.

12. Prepare for Power Outages:

    • Invest in a generator or ensure you have alternative heating sources, such as a fireplace or portable heater.

    • Stock up on essentials like candles, blankets, and non-perishable food items.

13. Check Insulation:

    • Inspect your home's insulation for any signs of wear or damage. Proper insulation helps regulate indoor temperatures.

    • Consider adding additional insulation in the attic to improve energy efficiency.

14. Winterize Your Garden:

    • Mulch garden beds to protect plants and soil from freezing temperatures.

    • Consider planting winter-friendly vegetables and flowers suitable for the West Coast climate.

15. Community Preparedness:

    • Stay informed about local weather forecasts and community emergency plans.

    • Connect with neighbors and create a support network in case of severe weather events.

Conclusion:

Preparing your Quadra Island home for winter is a proactive approach to ensure comfort, safety, and the longevity of your property. By taking these steps, you'll be well-equipped to face the unique challenges that the winter season may bring to the beautiful region of British Columbia's West Coast.

link to all current listings in Campbell River here

It’s hard to believe that in this market we can still see listings of detached homes for sale for relatively affordable homes in Campbell River Real Estate. Let’s not forget that buyers don’t really look at the price of the property but are mostly concerned about the monthly payment. If you’re in the first step of your house search adventure consider looking at an easy tool I have on my website “the mortgage calculator” 

This tool will allow you to play with your numbers to determine the rough cost of a mortgage could be. Let’s assume you’re thinking of buying a property under $500,000. Let’s assume that you have 20% down payment ($100,000). In this case you’ll be seeking a $400,000 mortgage. Today’s mortgage rates are in the 5-6% range so let’s assume that your lender will offer you a 6% rate, 25 year amortization on the 5 year term; your monthly payments will be roughly $2560 

If you change the amortization to 30 years your payment will go down by about $180 to roughly $2380

The cost of mortgage is not the only cost a home owner faces. In addition to loan cost there are insurance and property taxes, which vary based on the area. Campbell River taxes can range between $2500-$4500 a year. Insurance costs depend on the condition of the house and area but roughly $2000 is a reasonable budget. Any way you slice it, you’ll end up with an extra cost of roughly $500/ month for both.

I can’t believe that 2023 is coming to an end pretty soon. It’s been a long and busy and fairly turbulent year so far. Interest rates are making some impact on the market but as you know, “the market” is comprised of a few segments that are very different from one another. Please see the reports below all across the country as a comparison. From my perspective, it feels that as a Realtor I have to put much more work into putting deals together. All offers come with subjects, not all subjects end up being removed. In multiple offer situations, which still happen, I’m not seeing too many offers and prices are reasonable relative to list prices. Please let me know if you know someone that is thinking of listing their place for sale or if you’re a buyer looking for a place. I’m here to answer your questions and help you with your needs.

NANAIMO
INTEREST RATES TAKING A TOLL ON HOUSING MARKET
“October was slower than expected, continuing the trend of the past few months,” says Kelly O’Dwyer, 2023 Chair. “High interest rates and a mortgage stress test of eight per cent are taking a toll on demand.” In fact, the British Columbia Real Estate Association anticipates that VIREB will close out the year with around 7,100 sales, which would be the lowest number posted since 2013. “REALTORS® are reporting that some buyers and sellers have already decided to wait until spring to buy or list their home, hoping that interest rates will drop,” adds O’Dwyer.

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $767,600 in October 2023, up three per cent from one year ago and down one per cent from September. In the apartment category, the benchmark price was $394,300 last month, a two per cent increase from October 2022 and down one per cent from September. The year-over-year benchmark price of a townhouse was $557,400 in October, up three per cent from last year and a slight increase from September

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $767,600 in October 2023, up three per cent from one year ago and down one per cent from September. In the apartment category, the benchmark price was $394,300 last month, a two per cent increase from October 2022 and down one per cent from September. The year-over-year benchmark price of a townhouse was $557,400 in October, up three per cent from last year and a slight increase from September

FULL REPORT HERE

VICTORIA

Interest rates a large factor in Victoria real estate market A total of 407 properties sold in the Victoria Real Estate Board region this October, 15.2 per cent fewer than the 480 properties sold in October 2022 and a 17.4 per cent decrease from September 2023. Sales of condominiums were down 7.2 per cent from October 2022 with 141 units sold. Sales of single family homes decreased 16.1 per cent from October 2022 with 193 sold. “Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades,” said Victoria Real Estate Board Chair Graden Sol.

“The uncertainty around the direction of the Bank of Canada rate announcement in mid-October may have caused some buyers to push their purchasing plans into the future because it was unclear if rates were going to be hiked again or remain stable. Generally speaking, when we have periods of static interest rates, consumer confidence returns to the market. We can recall earlier in the year when rates plateaued; we saw an uptick in sales in the weeks after. However, when rates began to rise again, we saw consumer confidence falter.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2022 was $1,257,100. The benchmark value for the same home in October 2023 increased by 3.9 per cent to $1,305,900, which is down from September’s value of $1,312,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2022 was $575,300, while the benchmark value for the same condominium in October 2023 increased by 1.8 per cent to $585,600, which is down from the September value of $589,600.

FULL REPORT HERE

VANCOUVER

Metro Vancouver housing market holds steady in October

An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver1 , but sales remain below long-term averages.

“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”

“With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” Lis said. “While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”

The benchmark price for a detached home is $2,001,400. This represents a 5.8 per cent increase from October 2022 and a 0.8 per cent decrease compared to September 2023.

The benchmark price of an apartment home is $770,200. This represents a 6.4 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

The benchmark price of a townhouse3 is $1,100,500. This represents a 6 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

FULL REPORT HERE

 CALGARY
“Sales activity in the Calgary market has followed expectations, with declines earlier in the year offsetting gains in the second half,” said CREB® Chief Economist Ann-Marie Lurie. “Thanks to persistent supply challenges, the market has favoured sellers, resulting in stronger-than-expected price growth. As we move into 2024, we expect to see better supply-demand balances, but given the strong migration levels over the past two years, supply adjustments will take time supporting further price gains.”

Higher interest rates and inflation levels are expected to weigh on consumer spending and business investment, slowing economic growth in 2024. However, thanks to higher commodity prices and migration levels, economic activity in Alberta is expected to outpace national growth levels.

The unadjusted benchmark price in the city of Calgary in October reached $571,600, a gain over last month and nearly 10 per cent higher than last October. Benchmark Detached price: $697,600; Semi Detached Price: $628,700; Row houses: $425,200; and Apartments: $316,600

FULL REPORT HERE

 TORONTO

Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels.

“Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year. The Bank of Canada also noted this resilience in its October statement. However, home prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree,” said TRREB Chief Market Analyst Jason Mercer.

Average price for a detached home in the 416 area code: $1,718,440; Semi detached: $1,278,347; Townhouse: $1,017,094; Condo: $729,160

FULL REPORT HERE

QUADRA ISLAND REAL ESTATE 

October was a busy month in Real Estate on Quadra Island with 7 new listings, 1 pending, and 2 homes Sold.

Short Term Rentals:

Area C’s Director is staying on top of this and you can read her reports here:
https://robynmawhinney.ca/directors-reports/

Many of you have expressed concerns about recent discussions of what will happen with short term rentals on Quadra Island. Since short term rentals are viewed as a commercial operation, there will be a review of the zoning bylaws in the coming months. 
here’s some more info: https://agenda.strathconard.ca/SRDAttachments/SRDBoard/Open/BRD/13-Sep-23/20230913-Short-Term-Vacation-Rentals-Area-C.PDF

 Zoning bylaws:
https://srd.ca/wp-content/uploads/2023/03/Quadra-Island-Zoning-By-Law-Revision.pdf