If you've been actively looking for a home or watching the sale signs, you already know what's in this update. The market has picked up pace. Especially in the lower price points, homes and condos are selling quickly. Drive around and you'll see more signs with sold stickers than those without. Multiple offers are becoming more common and the pressure to decide quickly is increasing.

The timing can be stressful, but preparation and understanding the process, expectations, paperwork and market before you start looking at properties can really ease the situation and make it more exciting than overwhelming.

For sellers, it is now statistically a seller's market, however homes must be well presented, marketed and priced appropriately to see a more active buyer response and the highest price. Presenting your home to show off its best is as important as ever. The homes that I've seen in multiple offers are those that are presented to buyers in the best condition possible, scrubbed clean and de-cluttered with an attention to flow, space and curb appeal.

A seller mentioned the other day that they would be the only house in the area if they listed today so why bother with the prep. They are right in that their home will sell, but will the prep affect price? I think so.

Notable Numbers from the Calgary Real Estate Board:

The benchmark price of single-family homes reached a new high of $452,900 in April, as market conditions that favour the seller finally drove prices above the unadjusted peak of 2007.

Single-family sales totalled 1,611 in April, nearly two per cent higher than the previous year, but year-to-date figures are similar to levels recorded in 2012. Sales growth in the first part of the year was stifled by a shortage of new listings and inventory. However, the year-over-year increase of 6.2 per cent helped support sales growth in April.

After the first four months of the year, condominium apartment sales totalled 1,258 units, an 11 per cent increase over the previous year. Sales growth outpaced the number of new listings, causing inventory levels to decline to 893 units. This pushed the market toward a sellers’ market.

Tighter market conditions supported a year-over-year benchmark price growth of 7.35 per cent. Unlike the single-family sector, however, condo apartment prices remain well below unadjusted highs recorded in 2007.

There were 3,497 new residential listings in the city, an eight per cent increase relative to 2012. Sales activity also increased to a total of 2,376. Residential year-to-date sales improved by nearly four per cent compared to the same time in 2012. Meanwhile, citywide benchmark prices totalled $406,000 a seven per cent rise over the previous year.

Link to CREB Statistics Package

What a difference a few weeks make. All those folks looking for a home, especially in the lower price points, have noticed that homes are going from new to pending or sold quicker than they were a few weeks ago. Homes are selling closer to list price, statistically speaking, and we're seeing more multiple offer situations. In some corners of the city, we're seeing a distinct seller's advantage. Many communities are now seeing an average Sale Price to Listing Price Ration of over 98% and even 99.5 or 100% as a monthly average. This has been steadily moving up over the last few weeks. If you are searching for a new home, getting paperwork in order and being prepared with preapprovals and plans is more important than ever. Those amazingly low mortgage rates, low rental availability and the prosperity in our city has had a significant impact on the residential real estate market.

Buyers that have been checking out the market for more than a few months may need some time to adjust to the new pace. In recent years, buyers had time to review all options, and take time to decide, but that is no longer the case. As the rental market has gotten tighter as well, it is a challenge for newcomers to our city. That being said, if you know about a home for rent in the NW or Cochrane that would accept pets please let me know. I'm trying to help find a family a home.

If you are selling your home and your market evaluation is more than a week or two old, then it is out of date. Get up to date information as you get closer to your list date. Timing is everything. And as always, that beautifully presented home will see more showings, more interest and a better opportunity for stronger offers. 

The numbers from the CREB press release:

The inventory of active homes for sale in Calgary are the lowest March levels in more than five years. The decline in new listings hampered resale sales growth, which declined by more than two per cent in March compared to March 2012.

New listings in March are five per cent lower than levels recorded in 2012, and five per cent lower after the first quarter. The overall active listings stand at just 4,006 units, up from February’s levels but well below the number available one year ago.

Single-family, year-over-year sales growth declined by six per cent in March, a reflection of declining supply. Active inventory totaled 2,713 units, 22 per cent lower than levels recorded in 2012, and the lowest March inventory level recorded since 2007. The market balance continues to trend into seller’s territory in this segment causing a year-over-year price increase of nearly nine per cent, for a total of $446,500 in March 2013.

New single-family listings under $500,000 are declining at double-digit rates, driving consumers at that price point to either surrounding towns, condominiums or the new home market.

The condominium townhouse market is the only category to record a year-over-year rise in sales activity for the month. This is in part because the level of new listings improved in March 2013 relative to March 2012. Condominium year-over-year apartment sales declined by nearly three per cent in March.

The benchmark apartment price totaled $257,700 in March, a six per cent increase over the previous year. Meanwhile, the condominium townhouse benchmark price experienced a year-over-year increase of 4 per cent, to $286,800.

Full CREB Real Estate Statistics Package

The Minister of Service Alberta, The Honourable Manmeet S. Bhullar, held a town hall meeting tonight, March 26, 2013 with thousands of Alberta Realtors to get input and answer questions regarding condo developments, condo management and the property management industry. The scope is very large. We're talking about a lot of money here. The investments of thousands upon thousands of condo owners and how those investments are managed.

It was a very interesting town hall call and I am looking forward to future changes. Until May 2 you also have a voice and I encourage you to voice your opinion.

Condo Consultation Website

Why you should care:
1. If you own a condo unit, then you should care. Well built and well managed condos sell for more money. Special assessments are something none of us want to receive.
2. If you are considering a condo, then you should care. Understanding how a condo is run and managed affects your investment and its future value.  You should have confidence in the quality and condo fees payable for a building under construction.
3. Developers. The best marketing plans shouldn't get top dollar. The best buildings should.
4. Tax payers. When bad things happen to lots of good condo owners, the end results are foreclosure, lower property values, lawsuits and some other unfortunate consequences. In the end, someone is helping these people get back on their feet and in the end we all end up paying.

As a realtor, I want to help you sell a condo unit for top dollar with the knowledge that your building is well run and well maintained. You shouldn't have to pay hundreds of dollars to get access to documents to find out it's not when you are making a move. I want to assist buyers in finding great new homes without concern that they will find out about issues after their purchase. They should find out before so that they pay appropriate market value. Every property has value, but disclosure is the key.

Voice your opinion. Service Alberta Condominium Consultation

Thank you for taking the time, now back to our regularly scheduled programming. :)

The snowstorm may put a short term damper on our enthusiasm and our ability to get around our awesome city, but the real estate market in Calgary doesn't look to be slowing down.

With many folks calling Calgary the bright spot in the Canadian market, the real estate market locally is showing positive growth. With sales just a touch down from this time last year and the average pricing hitting new records, the numbers speak to the day to day reality we are seeing. The challenge right now is the lack of inventory and the very tight rental market. This time last year there were 4,843 properties for sale in the City of Calgary. As of this posting there are 3,623 listings. There are less listings at lower price points than previous years so those looking for a $400,000 home are seeing fewer options and more competition than other price points.

In terms of limited inventory, it is a bit of a wait and see game for some buyers looking for homes with specific criteria especially in some neighbourhoods. I have buyers waiting for homes in some areas to come on market and we are seeing them sell very quickly when they do. Careful consideration of price is still very important as 'overpaying' is not something most will consider.

Those people moving between properties are reviewing the buy then sell vs the sell then buy scenario in a new light in this market. As a 'subject to sale' offer is more challenging to get accepted, those people that wish to buy with the confidence of knowing where they are moving are finding it more difficult. With the lack of homes on the market in some areas, these same people are cautious to list their homes because they don't want to sell and be left without any options especially considering the tight rental market. It's a scenario we haven't seen for some time. I've spoken to a few families about this recently and much of the stress can be removed with careful review and planning both financially and also in being ready to list their current home almost immediately once we find their new home. Get packing, organizing and meet with your mortgage representative. The upside is that the current home should sell in a reasonable time frame as well.

For those interested in listing a home for sale, the average days on market have reduced and sale prices moved closer to list prices on average. I've also noticed a few more people 'testing' pricing and the market. Buyers are still doing careful market evaluations (as are their lenders during appraisals) so the test will be quickly evalutated.

The condo market has stabilized now as well with positive growth shown both for apartments and townhome style properties. Careful review of condo documents and projects remains a must even in a tighter market.

CREB Press Release and Statistics Package

CREB officially released the January numbers today: Residential real estate sales in the city of Calgary started the year on a positive note, increasing by 15 per cent over the same month in 2012. Pricing has moved up. Pace has increased a bit.

The vibe is that there just aren’t that many listings out there and they are lower than we are generally used to. Don’t get me wrong. There are listings, but buyers have been used to selection and get a little anxious when they go to look and there are few properties that match their search criteria. It is to be expected this time of year after a couple months of holiday/winter inventory levels.

I have noticed some quicker movement in the sale of some properties, especially those appropriately priced and prepared for sale. The lower price points see this more as the lack of rental inventory is causing more people to look at home ownership. This is less true in the middle zone. Luxury and estate homes sales records continue to peak as we are in Calgary after all.

That being said, I just sent a number of new listings today to one buyer, all of which were posted this morning and early afternoon. If inventory stays low, we’ll see some buyers making quicker decisions. If inventory starts to climb a bit, things should remain rather balanced. As always, real estate sees an ebb and flow and timing can be everything.

Last year, a bit of the same trend happened early in the year and then things balanced out. Hopefully there are no more changes to lending policies this year and we can see a more consistent pattern in trends. It seems though that we are looking forward to growth in the Calgary market in terms of price and activity.

We live in a great city. If you need some help finding a place to call home, then give me a call. I’m happy to help.

CREB Statstics Report

The real estate numbers for 2012 will be widely distributed as they show a marked increase in activity vs 2011 with a sales volume increase of 15%. Benchmark numbers indicate strong pricing adjustments vs 2012 and continue to point towards a stabilization and growth in our market. The next question is then what is in store for 2013?

The Calgary market is dependent on the energy sector and the resulting affect on need for workers, housing, commercial space and then retail, coffee shops, restaurants, etc. While other parts of Canada are showing slowing numbers we continue to see a growth in our economy and also very low rental vacancy rates. These trends point to increased demand on housing which most often results in an increase in pricing. However, it all depends on how strong the ongoing growth pressure is.Opinions vary strongly as to the growth potential for 2013. While some are calling for strong increases relative to 2012, many others are projecting more conservative growth of 2-3% while others are calling for the sky to fall. It's interesting negotiations when these folks are on opposite ends of the table.

Please don't read this to mean that you can now go out and ask 5-10% more for your home than last year. The averages and numbers are influenced by a higher sales volume in the luxury market which pushes up the average. As well, some areas of the city saw higher price increases last year while others saw declines. An average is just that and is not a reflection of the percentage point expected increase for any one property. The market remains balanced which means that buyers have choice. They understand value.

Condominium and townhouse sales are also gaining momentum, however, buyers are carefully reviewing condo documents so stay connected and ensure your building is being well managed. With many new projects underway in the city, there is choice so take your time and happy scouting.

Read the full CREB Statistics package

If anyone was out looking at houses this weekend, they must have been rather serious about buying a house. I mean, who else would brave inches of snow, freezing temperatures and icy streets.

That being said, there wasn't a large inventory of homes for them to look at so if you are interested in selling your home and you present a warm, cared for home at a well priced value, you will see interest. With the record number of sales of luxury homes, this is especially true for unique and exceptional estate properties.

I've spoken to a few families now that are considering waiting until the spring to either list or buy a home. While the spring sees more movement in terms of volume of sales, there are also more buyers and sellers out there so I always suggest people make the move when they find the right home or when it's the best time for them. Otherwise, begin the preparations early so that when you do feel the time is right, you are ready to move forward.

If you are selling a home this winter, remember to turn up the thermostat a bit, put out a large front mat and clear the driveway. We can't see your beautiful landscaping so set out a book of photos to show off your summer garden and deck.

The numbers:

Residential sales in the City of Calgary have increased by 15 per cent on a year-to-date basis, and were up 8-per-cent in November compared to the same month in 2011.

Nearly eight consecutive months of double-digit, year-over-year sales growth has caused inventory levels to decline because new listings have not kept up. However, the ratio between sales and inventory indicates the market remains in balanced territory.

Read the full CREB Press Release and Statistics Package

Calgary's residential real estate market continues to show positive growth.

City of Calgary sales activity marked a 23-per-cent increase over levels recorded in October 2011. The continued improvement in sales has pushed year-to-date sales activity to nearly 16-per-cent above levels recorded in 2011.

The detailed CREB statistics reports outlines the details, but the coles notes version is that while there is uncertainty in Vancouver and Toronto, Calgary real estate continues to remain at balanced levels and forecasts predict slow and steady growth. The positive economic outlook in our province, along with very low interest rates and a tight rental market may be encouraging people to look to home ownership. (Yes, a buyer can currently lock in at a 2.99% 5 year mortgage rate.)

Speaking of 2.99%, there was a great article in the Globe and Mail that came out a few days ago that is worth a read: Pay your mortgage like it's 2007. You'll save a pile of money.

Something that the statistics don't show is the coming trends due to demographic changes which will impact the demand for different property types. A preference for bungalows vs split levels or villas vs multi level townhomes won't reflect in average statistics but the slow change is one to note. When renovating your home, especially for resale, these trends are worth considering. I recently saw a gorgeous bungalow. It was perfect for my clients until we reached the master ensuite. There was a raised tub and shower area which required 2 tiled steps to access the tub and separate shower. I think it was meant to provide easier access to the tub, but it was a deal breaker.

Notable numbers from CREB:

The strong demand for homes relative to the supply levels has caused some significant increases in the price of single family homes this year compared to 2011. As of October 2012, the benchmark price for a single family home was $433,300, an 8-per-cent increase over the previous year. While there has been significant recovery in Calgary home prices, typical unadjusted home prices have leveled off remaining relatively unchanged over the past 4 months, and remain below the highs recorded in 2007.

Condominium apartments recorded a benchmark price of $247,000 in October 2012, losing some ground over the previous month, but still higher than the previous year by 3 per cent. While on average condominium apartment prices have fallen more than risen since 2007, condominium prices this year have recovered to levels comparable to 2010.

After the first 10 months of the year condominium townhouse sales totaled 2,279, 16-per-cent higher than last year. The benchmark price for a townhouse in October was $279,000, a 3-per-cent improvement over October 2011.

CREB Statistics Summary in Full

Questions about the market or your future sale or purchase. As always, feel free to contact me.

We have had one of the nicest September months on record. As summer has drifted into fall and snow is around the corner, there is a window of time where people realize they may want to move now rather than wait out the winter before purchasing or selling their home. A sales surge during this time is not unusual. There is a general slowdown in the market as we move towards the end of the year, but as the number of buyers drops, so does the number of listings. If you are one of the few properties on market while people continue to move to Calgary as our economy grows, then you may be able to take advantage.  My experience has shown that folks who are out in -30 degree weather looking at homes are typically motivated buyers.

If you are considering the sale of your home over the winter months or early in the spring, now is the time to make any required repairs. If your entry or front porch needs a touch up, taking care of that now is the best time to make sure it shows well when you are ready to move forward. Consider window maintenance, a roof assessment if your roof is wood shake or over 10 years old and review any servicing needed for appliances, furnaces, sprinklers, etc.  If you selling a condo, get an early start on collecting condo documents from friends in the building if you haven’t kept your copies. 

The general statistics for Canada are showing a decline in the real estate market, however, Calgary is one of the bright notes with continued improvement in year over year sales.  Our market is again 'balanced' in an overall sense with pricing remaining level for the most part for single family homes and a slight upturn for apartments and townhouses.

We live in a great city. Get some advice for your purchase or sale so you can enjoy your home and enjoy everything Calgary has to offer. 

CREB Statistics Package

So September has arrived and many people are returning from holidays, packing up campers and enjoying the end of summer. August was a slower month, as is usually, as so many residents take every opportunity to take advantage of the many adventures Calgary and Alberta have to offer. In the recent week or so, however, many people are back focusing on a potential move and activity has again began to pick up and that trend is also a seasonal expectation.

Depending on how you slice and dice numbers, the averages and medians, benchmark prices and indexes, the general trend of positive growth holds true. Sales are up from last year, though slower than previous months, and prices are up in many areas. An average across the board shows a very small adjustment, while specific areas have seen larger increases.

To understand the differences, we should consider what is fueling the real estate market. It is jobs and economic outlook. Most newcomers to a city want a move in ready home near a good school for their children and near good transportation options to work and community gatherings. Newer homes that are well presented are doing very well in this market as are homes that provide the layouts and functions expected by busy families. I personally am finding that homes that require a remodel, especially at a higher price point, are more challenged in finding as many interested buyers. Other buyers are pursuing condo options and walkable communities so areas in the inner city are also seeing stronger growth patterns. Interestingly, the lack of inventory in some parts of the city have resulted in a strong growth surge in Calgary's surrounding communities.

The rental market has also gotten very tight. I personally know of families looking for rental accommodation the NW and are finding it hard to find. This lack of rental inventory is driving up rental prices and some renters are reviewing the rent vs buy option and looking to home ownership instead instead of $1500 per month rental costs.

With mortgage rates remaining very low and the summer sun fading, September is expected to be a busy month.

View the full statistics report from CREB.

With new mortgage rules there was much speculation about the effect on the real estate market. The result last month:  "Calgary continues to buck national housing sale trends. The 1,936 residential units sold in July represent a 21.3-per-cent increase over 2011."

Vancouver and Toronto are starting to see the declines in homes sales, but not Calgary. For those moving here from those markets, it will be an adjustment.

June was an eventful month in real estate here in Calgary and in Canada. With sales and pricing continuing to show upwards trends in June, the end of the month saw the announcement of new mortgage rules to be very shortly implemented throughout Canada. The CREB stats package is an indication of what was last month but there is much speculation about future trends ranging from very negative to generally positive. Some folks are speculating about which price points will be most affected by the changes, while others about which areas of the country may see no affect at all.

What does that mean for the average buyer and seller? I think it depends on your personal situation and your needs. If you are considering a purchase for your personal home that you plan to live in for many years than month to month fluctuations aren't going to change that. It may make folks reevaluate how much they want to spend, but that should be something all homeowners carefully review anyway. Sellers need to keep an eye on the market and work with a realtor that will keep them up to date on events so they can adjust plans accordingly. Some areas of the city continue to see low inventory so an aggressive plan would be appropriate vs other sectors that require more finesse.

The interesting note to watch is the Calgary rental market. We are seeing low vacancy rates which have been trending down for some time, an increasing local population and now changes to lending rules. If more folks decide to rent and the resale market sees a dampening especially at the lower price points, it may be an opportunity for some investors with the ability to purchase to take advantage of the trends.

As always, selling or purchasing real estate is a big decision. Work with someone that has your best interests in mind.

Notable numbers from the latest CREB statistics update:

Read the full package.

Single family monthly sales reached 1,609 units in June, a decline over the previous month, but 16 per cent higher than levels recorded in June 2011. However, new listings are declining as consumers appear to delay putting units on the market until they see further price recovery. Despite the decline, with a current inventory of 3,817, the supply constraint has eased and the single family market is moving towards more balanced levels.

The single-family benchmark price for the month of June 2012 was $430,800, a 7.3-per-cent increase over the previous year. Year-over-year price increases have been particularly strong in the recent months, in part due to the decline in months of supply. As the city moves towards balance, we can expect price growth to ease in following months.

“Homebuyers are confident about the long-term prospects in our city, and continue to search for homes in those communities that align with their needs,” Jablonski says. “People who are in the market to buy right now have to make their decisions quicker, but they are well informed and they continue to seek out value for their money.”

While June sales activity showed a modest improvement over last year, year-to-date condominium apartment sales totaled 1,858, a 7-per-cent increase over the first half of 2011. Both monthly and year-to-date sales remain consistent with long-term trends. The rise in sales over the first half of the year combined with a decline in listings helped reduce the excess supply. With supply hovering just above three months, the condominium apartment market remains in balance.

The condominium-apartment market recorded a modest improvement in pricing, with a benchmark price of $246,300 in June 2012, a year-over-year price gain of 1.5 per cent. The condominium-townhome benchmark price grew by 3.3 per cent over 2011, and is now $278,000.

“Recent reports have mentioned an overvalued Canadian housing market, and it is important to note that the Calgary market has already recorded a correction,” says Lurie, who notes benchmark prices in the entire CREB® residential market remain 8 per cent below peak levels. “Alberta was slow to recover from the recession, but this year our province is expected to lead the country in economic growth. This growth will continue to support gains in full-time employment and encourage positive momentum in our local housing market by way of both demand and price recovery,” Lurie concludes.

Today, June 21, 2012, the Department of Finance announced upcoming mortgage rule changes. If you are in the process of purchasing a home you will need to contact your lender to review how these changes will impact you.

Details of the announcement

Changes quoted from the announcement:

The Government is announcing four measures for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent:

• Reduce the maximum amortization period to 25 years from 30 years. This will reduce the total interest payments Canadian families make on their mortgages, helping them build up equity in their homes more quickly and pay off their mortgages sooner. The maximum amortization period was set at 35 years in 2008 and further reduced to 30 years in 2011.
• Lower the maximum amount Canadians can borrow when refinancing to 80 per cent from 85 per cent of the value of their homes. This will promote saving through home ownership and encourage homeowners to prudently manage borrowings against their homes.
• Fix the maximum gross debt service ratio at 39 per cent and the maximum total debt service ratio at 44 per cent. This will better protect Canadian households that may be vulnerable to economic shocks or an increase in interest rates.
• Limit the availability of government-backed insured mortgages to homes with a purchase price of less than $1 million.

It is noted that changes come into effect on July 9, but we are expecting more details shortly regarding the implementation process for these new changes. 

May 2012 residential sales in the City of Calgary increased by 31.8 per cent over last year, to 2,385, making it the highest May activity since the recession.

Now that is a statement.

It has been a very busy spring market and the recent activity has reduced the average days on market and increased the list to sale ratios meaning folks are buying quicker and at closer to asking price. There has been an increase in prices and the average numbers and benchmark numbers are in the CREB statistics packages in detail for various property types and price ranges.

Now that we have seen an increase in prices, it will be interesting to see the seller response in terms of new listings. The general feeling is that we are on a positive course in a balanced market, but not at risk of the boom price jumps of 2006/2007.

An important item to note is that many new home builders that had multiple spec homes available last year now have limited quick possession properties available in some areas. The absorption of that available inventory is not reported in MLS statistics.

The positive economic outlook for Calgary has much to do behind the positive numbers which are the envy of many other parts of Canada. If even half of the recent headlines regarding job prospects and economic growth are true, we have a very positive future ahead.

View the full CREB statistics package.

On June 1, 2012, the Calgary Real Estate Board introduced a new property status. If you receive property updates from a Realtor, you may see this new status which displays as "U" - Under Contract.

Current status types include "A" for Active, "S" for Sold, "E" for Expired and others. There is currently also a "P" status for Pending.  P for Pending and U for Under Contract differ in the following way.

Status "U" - Under Contract. U status means that the seller has accepted an offer to purchase and the property is conditionally sold. The property is still available for showings and will display as available on realtor.ca. The conditional contract details will not be revealed.

Status "P - Pending. P status means that the seller has accepted an offer to purchase and the property is conditionally sold. The property may or may not be available for future showings and the property will no longer display on realtor.ca. The conditional contract details will not be revealed.

As sellers no longer have to disclose if an offer has been accepted, some active listings, Status "A", may also be conditionally sold.

A little confusing? Maybe, but in the end the new addition allows for sellers to communicate to other Realtors that a property is under contract, but still allows for the property to be actively marketed until the current deal is firm. As a buyer, it is important to understand these changes and decide which properties they wish to pursue.  

Give me a call if you are interested in purchasing a new home and I will do the research to meet your goals.

The single-family market continues to tighten, with months of supply dropping below three months.  Sales growth continues to outpace new-listings activity, placing downward pressure on inventories.  As the market tightens, single-family homes are selling quicker, and there has been some upward pressure on pricing.  The MLS® Home Price Index for the month of April recorded a year-over-year price increase of 5.5 per cent for a total benchmark price of $449,500.

NOTE: The single family benchmark price has been pushed up to levels comparable to those recorded in 2007, but the index continues to remain below peak levels.  Why the difference? This is mostly due to the community weighting factor inherent in the benchmark price.  The index figure does not have the same bias, and therefore is a better measure of the true price appreciation in the market.

 

“While the balance between demand and supply in the single-family market has shifted towards sellers’ territory, there are several components that make today’s market different from five years ago,” says Bob Jablonski, president of CREB®.  “The main difference is there is still significant supply for consumers in surrounding towns and the condominium market in the city, and the new-home builders do have the ability to absorb some of the excess demand,” Jablonski adds.

After the first four months of the year, the condominium apartment sales totaled 1,133, a 2.2 per cent increase over the same period last year.  Tighter supply in the single-family market has translated to improved demand for condominium apartments, and consumers active in this market have a sufficient amount of supply and new listings to choose from.

 

New condominium apartment listings for the month of April rose by 5.9 per cent compared to last year, and remain at similar levels on a year-to-date basis.  As the gap between inventories and sales narrows, the months of supply continues to trend toward levels that are more consistent with a balanced market.

 

While the condominium apartment market moved into more balanced territory, index prices remain relatively unchanged.  The condominium townhouse market is trending in a similar fashion to the single family market, and recorded a year-over-year index price increase of 2.7 per cent.  Overall for the month of April, the condominium townhouse and apartment markets recorded a benchmark price of 294,500 and 248,300, respectively.

Notable numbers from the CREB press release:
Single family homes continue to record strong activity, with sales increasing by 10.3 per cent at the end of the first quarter. Meanwhile, quarter totals for listings of single-family homes remain 8.3 per cent lower, resulting in a tightening of supply. The benchmark price reached $433,500, while the MLS® Home Price Index points towards a price growth of 3.6 per cent compared to last year.
 
The apartment condominium market continues to exhibit lower sales, with 782 sales recorded in the first quarter of 2012, a decline of 2.1 per cent compared to last year. However, March sales activity did post a 7.2 per cent gain over last year and is closer in line with typical March sales in this sector. New listings recorded a year-over-year improvement of 9.1 per cent for the month of March, but still remain 2.3 per cent lower than last year at the end of the first quarter. Despite the monthly rise in new listings, inventories continue to decline. Overall market conditions continue to favour the buyer.

As always, give me a call if you are ready to make a move.

View the full statistics package

Numbers supplied by Allan Bowerman, Senior Mortgage Planner, The Mortgage Alliance Company of Canada-S&R Mortgage Group

Check out the full CREB statistics package.