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It’s amazing what one year can do. Canadian real estate in 2018 had a lot of consistencies, but not the ones we might have hoped for. Depending on where you reside in Canada will determine exactly the type of year you had in real estate. In some parts of the country the detached housing market was hit extremely hard, and in other parts, it thrived. Some cities across Canada had growing condo markets, while in others, months of inventory continued to rise.
Carl Sagan wrote, “You have to know the past to understand the present,” and I couldn’t agree more. To understand what is currently happening in the Canadian real estate market, we must first look at years past. In my review below, I go through the last five years of data to help see how 2018 compares to years past, as well as provide my prediction as to what 2019 will hold. Let’s get started.
Real Estate Board of Greater Vancouver | January, 2019 Market Report - YouTube
Looking back five years, 2018 was the lowest recorded year of home sales for the Real Estate Board of Greater Vancouver (REBGV). Reaching just 24,619 sales in 2018, we saw a -32% drop in home sales in greater Vancouver year-over-year. In 2015 we saw record high annual sales reaching 42,326, but since then rate increases and foreign buyer home taxes have put a stop to such growth. Since 2015 we have continued to see home sales drop year-over-year. To see the Fraser Valley Real Estate Board stats and to hear what my prediction is for REBGV in 2019 – watch my video analysis here.
Toronto Real Estate Board | January, 2019 Market Report - YouTube
Much like the Vancouver market, the Toronto Real Estate Board (TREB) had its lowest sales on record since 2014. TREB had 77,426 total home sales in 2018, down -16% year-over-year when we reached 92,294 in 2017. This is a dramatic, but expected decline in sales since this historic year in 2016 when TREB reached 113,133 total annual sales. The total average price in 2018 didn’t drop as aggressively though, and sits at $787,300, down -4% year-over-year. To get a more detailed look at the market stats and to hear my prediction for 2019, take a look at my video analysis here.
Over the last five years with the Calgary Real Estate Board (CREB), nothing has compared to the total annual sales since 2014. Reaching 25,543 in 2014, we have not passed the 20,000 sale mark since. Last year, CREB recorded 16,144 total sales, down -14.5% year-over-year. Looking at a five year average price comparison, 2018 wasn’t far off what CREB has found to be consistent. Over the last five years, not one year has gone above $481,000. In 2018 the average price was $475,531, down only -1.1% compared to 2017. Find out what I predict 2019 to be like in the Calgary Real Estate Board by watching my analysis here.
While there were fewer sales happening in the Edmonton Real Estate Board (EREB) last year compared to years past, the drop wasn’t devastating. In 2018 we saw sales reach 15,519, down -5.6% compared to 2017’s 16,435. In 2014, EREB reached 19,020 sales, but since then not a single year has produced more than 17,400. Taking a look at average home prices over the last five years, 2018 was the lowest recorded average price since 2014. Last year EREB averaged $369,607, down -1.3% year-over-year. Take a more indepth look at the Edmonton Real Estate Board market stats and listen to my 2019 prediction in my video analysis here.
Overall, 2018 provided a dose of what I expect will be the new norm. What does this mean for real estate professionals? We need to adapt and change just as the real estate market does. You can’t control what the market does, but you can control how you adjust. Provide value, insights and help your clients make the best decisions for themselves, and I promise 2019 will be your brightest year yet.
Well, we’ve reached the final month of 2018. December is here and I’ve reviewed the November stats for our 4 major Canadian cities. It’s no secret that sales tend to dip during this time of year, so seasonal lows are expected and I am not predicting any better for next month. Where I focused my efforts this market update (and where I want you to as well) is in your micro markets. Reviewing the performance of micro markets will tell the true story of how your particular market is doing. These insights are what will make you invaluable to your clients.
Toronto (GTA), ON
The Toronto Real Estate Board (TREB) continues to be the envy of these market updates. Year-over-year sales have dropped -14%, active listings have dropped -10% and M.O.I. is up 0.1, sitting at 2.6. While M.O.I. has gone up marginally, it hasn’t affected prices. The average price of a property in the TREB area is up 3.5% year-over-year and sits at $788,345. Detached homes make up 43.5% of the sales this November, while the condo market takes up 30.5%. But, when you break it down even further, the numbers get very interesting. Detached properties in the 416 area make up 27.7% of sales, while in the 905 area they make up 54.2%. To get a closer look at these numbers, check out my video analysis here.
Toronto Real Estate Board | November, 2018 - YouTube
The Real Estate Board of Greater Vancouver (REBGV) looks nothing like it did one year ago. The November 2018 M.O.I. is more than double last year. Sales dropped -42%, active listings rose 40% and M.O.I. sits at 7.6 in a year-over-year comparison. When reviewing the micro market sales, apartment properties take 50.5% of the sales, while detached sit at 32% and townhouses at 17.5%. Apartment and detached months of inventory couldn’t be any different, either. Detached M.O.I. sits at 11.2 while apartments are nearly half, landing at 5.7. This is an affordability issue that buyers and sellers need to be aware of. Take a much closer look at my REBGV analysis, including micro market benchmark statistics here.
Real Estate Board of Greater Vancouver | November, 2018 - YouTube
Year-over-year, November sales for the Calgary Real Estate Board (CREB) dropped -16%, active listings rose 14%, and M.O.I. sits at 5.5. Month-over-month there is better news. M.O.I. actually dropped 0.1 – this was due to active listings dropping -22% in one month. My micro market sales comparison shows that 48% of properties sold in November 2018 were detached. 17.5% were attached properties, and 17% were apartments. It’s no surprise that detached properties held the lowest M.O.I., sitting at 5.1. Semi detached properties boasted the largest M.O.I. at 6.9. For a closer look at these numbers, check out my analysis here.
Calgary Real Estate Board | November, 2018 - YouTube
With an M.O.I. of 7.4, Edmonton is considered to be in a full buyers market. Sales dropped 11% year-over-year and active listings rose 10% in the same time period. Month-over-month, however, the market doesn’t appear to have shifted so violently. Sales are down 10%, active listings dropped 7%, so our M.O.I. only rose 0.2 compared to last month. An interesting number: 63.5% of all homes sold in the Edmonton Real Estate Board were detached properties. Prices fell -4.5% year-over-year for detached homes while row properties fell -3.5% and condos dropped -6%. For a full look at the numbers and analysis, check my video here.
Edmonton Real Estate Board | November, 2018 - YouTube
Change is inevitable and I, for one, embrace it. Changes to our industry provide opportunities for us to evolve. Learn from the changes in 2018 to up your business in 2019. Right now is the perfect opportunity for you to focus and plan for the future. Study these micro market numbers and become a specialist for your clients. Embrace change and I promise you, your future will be as bright as you want it to be.
Sometimes you have to look hard to find the positives. This is certainly the case in many of Canada’s largest real estate markets. An overwhelming trend for most of 2018 has been the underperformance of real estate markets in comparison to 2017. The question is: is it a fair comparison? With stress testing, interest rate hikes, and consumer uncertainty, 2018 markets are performing well given the circumstances.
In today’s modern era, it is easy to get lost in information. Each month, real estate boards across the country release their latest numbers, but what exactly do they mean for you and the consumer? Download my PowerPoint Slides and use this information to provide valuable insight to your customers. Show them what the market is doing instead of telling them and you’ll always be successful.
Toronto (GTA), ON
The Toronto Real Estate Board (TREB) continues its reign as one of Canada’s strongest markets. Sales are up 6% compared to October 2017, and with Active Listings only rising by 0.4%, it means our Months of Inventory has dropped to 2.5. The real celebration comes when we compare month-over-month. Sales are up 16% compared to September 2018 and Months of Inventory is down from 3.1 to 2.5. An exceptional trend is taking place with year-over-year sales and you can see this graph in my video analysis and review below.
Toronto Real Estate Board | October 2018 Market Update - YouTube
The Real Estate Board of Greater Vancouver continues to struggle in 2018. Year-over-year, October Sales are down -35%, Active Listings are up 42%, and Months of Inventory is sitting at 6.6 compared to 3 this time last year. The good news? Month-over-month the Vancouver real estate market is looking bright. Sales are up 23%, Active Listings are down -1%, and Months of Inventory is down to 6.6 from 8.2. Does this mean better times are ahead? Watch my video market analysis and review here.
Real Estate Board of Greater Vancouver | October 2018 Market Update - YouTube
The Calgary Real Estate Board has seen better days. When comparing to October 2017, Sales are down -10%, Active Listings are down -13%, and Months of Inventory has risen to 5.6. But, like our previous cities, October 2018 was a much stronger month than September 2018. Sales went up 4%, Active Listings decrease -8%, and Months of Inventory went from 6.2 to 5.6. Watch the rest of my analysis on the Calgary real estate market here.
Calgary Real Estate Board | October 2018 Market Update - YouTube
The Edmonton Real Estate Board has moved into a full buyers market. When comparing year-over-year, Sales have dropped -14%, Active Listings are on the rise by 9%, and Months of Inventory sits at 7.2. There is good news though. Month-over-month numbers are heading in the right direction, albeit, slowly. To see the overall Sales trend for the Edmonton real estate board, watch my review here.
Edmonton Real Estate Board | October 2018 Market Update - YouTube
Year-over-year, in many of the Canadian real estate markets, we are seeing a consistent decrease in home sales for September 2018. Months of Inventory (MOI) in each of the 4 cities I reviewed have all gone up and year-to-date sales, unsurprisingly, have decreased as well. Looking across the country I see one thing in common: Canadian real estate requires a different type of real estate professional to succeed in this climate.
The same sales techniques you used last year won’t cut it this year. You need to up your game and have home buyers and sellers alike tripping over the truth. Guide them into seeing what the market is actually doing. Continue to serve your clients and help them make the best decisions they can. If you do that, you’ll continue to find success, regardless of what the market is doing.
Toronto (GTA), ON
The Toronto Real Estate Board (TREB) continues its reign as Canada’s strongest real estate market. TREB boasts the only market in this review in which sales went up year-over-year, with a 1.9% increase. Active Listings also increased to 5.6%, with MOI increasing to 3.1. One of the more striking statistics came in our year-to-date comparison where we found sales were off -18%. Overall, the Toronto real estate market is quite healthy and certainly enjoys the most desirable numbers in my September review. To see my full review, watch the video below.
Toronto Real Estate Board | September 2018 - YouTube
The Real Estate Board of Greater Vancouver (REBGV) has certainly seen better days. There isn’t a lot to envy while looking at the newest numbers from the REBGV. Home sales are down a whopping -44%, Active Listings are up 38% and MOI now sits at 8.2 (this time last year, Vancouver’s MOI was just 3.3). Year-to-date, we are down -29% and sit just below 20,000 sales in 2018 so far. The detached market continues to rise and sits at 12.8 MOI. Townhouses sit at 7.1 MOI and apartments have the strongest micro market with 5.7 MOI.
Real Estate Board of Greater Vancouver | September 2018 - YouTube
The Calgary Real Estate Board (CREB) is following this month’s trend. Sales are down -13%, Active Listings are up 16%, and MOI is up to 6.2. Calgary’s detached market continues to be the strongest, sitting at 5.5 MOI, while every other micro market sits above 7 MOI. With sales declining and active listings on the rise, I wouldn’t be surprised to see much of the same for CREB’s next monthly report.
Calgary Real Estate Board | September 2018 - YouTube
The Edmonton Real Estate Board (EREB) might be the most consistent market I review today. While sales are down -8% and MOI has increase to 7.3, Edmonton’s year-to-date sales are impressively on par with 2017. Year-to-date sales have only decreased -3.3%, which in comparison to our previous markets, is an envious statistic.
Edmonton Real Estate Board | September 2018 - YouTube
The Canadian real estate market last month brought us a lot of the same news and trends as previous months; shrinking sales, increasing months of inventory and a general concern about the real estate market in Canada. Are things really as worrisome as some people might suggest? I don’t think so. Below are the statistics and analysis for August 2018 from Canada’s four major markets and my predictions on where we are headed.
Toronto (GTA), ON
I wanted to dive deeper in the Toronto Real Estate Board (TREB) this month. It’s clear that 2018 is much different from 2017 and 2016, but how does this year compare to a decade ago? I took a look at the data and the findings might surprise you. Averaging out the sales month over month, we can project 80+ thousand sales in 2018, on par with 10 years ago. However, I believe we will have a stronger fall and total sales should land closer to 85,000 by year end. The average sale price is the highest we’ve seen and with just 2.6 months of inventory, the Greater Toronto Area market is the strongest in Canada.
Diving deeper into micro sales data, the Toronto (416) Semi-Detached market is incredible strong with just 1.4 M.O.I., and condos aren’t far behind sitting at 1.7 M.O.I. Overall, the Toronto and GTA market holistically is doing incredibly well and I suspect it will continue to get stronger as the year continues. For a full look at my analysis, watch my video below.
Toronto Real Estate Board | August 2018 - YouTube
Sales are down considerably according to the Real Estate Board of Greater Vancouver’s (REBGV) monthly stats. Comparing August 2017 to August 2018,, sales have dropped 36.6% and landed at just 1,929 last month. With active listings on the rise, REBGV’s M.O.I. sits at 6.1.
Detached properties are feeling the brunt of the decline and are sitting at 11 months of inventory. This is largely because detached properties are still averaging $1.56 million dollars. If we look back 10 years, the projected 28,000 total sales for the year is the lowest we’ve since 2012, however, prices remain strong with an average price of $1.08 million. For a full look at the REBGV numbers, watch the video below.
Real Estate Board of Greater Vancouver | August 2018 - YouTube
Calgary sales have remained relatively stable year over year. The projected 17,385 total sales for 2018 is only 1500 lower than 2017. August 2018 did see a dip in sales of 6.9% compared to August 2017, and active listings have increased 22.7%, equating to 5.4 months of inventory. The average price of a home in the Calgary Real Estate Board is up 1% and sits at $483,000, respectively. Detached homes remain incredibly competitive with an average price of $563,000 so it makes sense the detached market has the lowest MOI at just 4.8. For a complete look at all of the CREB stats, click my video below.
Calgary Real Estate Board | August 2018 - YouTube
The Edmonton Real Estate Board is looking just like months past. Despite a slight decline in sales last month, months of inventory actually fell to 6.1 in August compared to 6.2 in July, 2018. This follows a steady trend we’ve seen all year in Edmonton with M.O.I. consistently found between 5.5 and 6.8. The average price did fall $5,000 compared to July, 2018 but is still up $5,000 when compared to January, 2018. Year-over-year, the average price of an Edmonton property has fallen just -2.3%. Edmonton remains one of Canada’s most consistent markets and we shouldn’t see a whole lot different in the months to come. For a full look at the numbers, check out my video below.
Edmonton Real Estate Board | August 2018 - YouTube
Use this information to strengthen your relationship with clients and help buyers and sellers alike make better decisions.
Want more referrals and repeat business? First you need to master the Expectation Gap. What it is and how can you leverage it? Let me tell you a story…
Recently, on a speaking tour, I was picking up a rental car from the airport. When I arrived, I was informed that the car I reserved was not available. However, in an effort to make amends, the rental car rep. graciously said he would upgrade me to a larger vehicle if I could just wait five or ten minutes. A ten-minute wait for a free upgrade? I thought. No problem—I’ll take it.
Forty minutes later, I was still waiting.
In that moment, I dropped into what I call the expectation gap—the void between what we think is going to happen, and what actually does.
The Expectation Gap and Word of Mouth
We often toss terms like “referral” and “word of mouth” around as ideals for building a sustainable business. But while it’s true that positive and negative word of mouth can make or break a business, it’s important to realize that word of mouth doesn’t exist without the expectation gap.
If the expectation gap is positive—that is, we get more than we thought—then we spread the good word. If it’s negative, then we announce our disappointment.
No expectation gap means no word of mouth. Period. No tweets, no posts, no reviews. We don’t speak about products or services at all unless that gap exists.
Leveraging a Negative Gap
When we exceed expectations, positive word of mouth tends to follow. But does that mean that negative gaps are the kiss of death? Far from it. In fact, a disappointed customer is often a new fan waiting to happen. Consider this experience I had later that very same day. My family and I walked across the road from our hotel to The Keg for dinner. It was a Monday, and we didn’t think we’d need a reservation, but the place was jammed, and we were told there would be a 20-30 minute wait. We were hungry and a bit disappointed, but decided to stick it out—it’s my son’s favorite restaurant. Less than 10 minutes later, voila our table was ready! We were pleasantly surprised to say the least, and enjoyed a great meal.
At first blush, that seems like a simple enough scenario but here’s the important part: If not for our initial disappointment with getting a table at The Keg, I wouldn’t be writing this post talking about their great service. I’d simply have enjoyed a great meal and moved on in silence. That’s why negative gaps matter. A negative gap (a disappointment) can be transformed into an even more powerful positive experience. Compare these two experiences. Both began with unmet expectations—the disappointment of having to wait. But both were handled differently. Despite a free upgrade to a better car, Avis let me down. The Keg, however, exceeded my expectations after the first disappointment of having to wait, and here I am writing this blog with a newfound motivation to spread the word!
In this era, everyone has a platform. The internet has given each of us a soap box to shout out both our disappointments and our thrills. But as I learned recently, sometimes it takes the effort of turning a disappointment into a delight to get people to speak up.
Have you managed to turn a disappointed client into a fan? Share your story in the comments!
July 2018 market stats are in for the four major Canadian real estate markets – Toronto, Vancouver, Calgary and Edmonton. With only 40% of the year left, now is the time to make the difference in your performance this year. Take a look at the market updates below.
Toronto (GTA), ON
Toronto’s market has recovered quite well. Sales are up 18.6% and active listings are up 5.2% from last year. But where does the inventory sit? At a healthy 2.8 months of inventory. The sales compared to the month before has slightly decreased, but that is to be expected in the summer months. For my full analysis on the Toronto market and submarkets, have a look below:
Toronto Real Estate Board | July 2018 - YouTube
There’s no candy coating the results for this month. The numbers are off by a lot in July with the sales decreasing by 30% and the active listings increasing by 32%. This has brought the months of inventory from 3.1 to 5.9, moving the market from a seller’s market to a balanced buyer’s market. As a result of these changes, the composite benchmark price has plateaued at $1.09m. To see more into the market, we will look into the micro markets a little bit to understand what’s selling and what isn’t. Watch my video below for my full analysis:
Real Estate Board of Greater Vancouver | July 2018 - YouTube
Sales are slightly lower than last year at 1547 with an increase in active listings by 26.2%. As a result, the months of inventory has increased by 32.6% to 5.5, bringing the composite benchmark price to $435k. What’s important to note, are the months of inventory for the micro markets within Calgary. Here we can see that detached housing is the hottest market compared to apartments, semi-detached and row. Take a look at the video below to see the full set of numbers and what I think of the market:
Calgary Real Estate Board | July 2018 - YouTube
Sales in Edmonton are very close to what we saw last year, while the active listings have gone up by 12.6%. If we look at how the market is doing across the months of 2018, we can see that the sales peaked in May at 1776, but is still going strong at 1603. The inventory has steadily increased, but the months of inventory has stayed around 6.1 to 6.2. Take a look at my video below for my analysis of the market:
Edmonton Real Estate Board | July 2018 - YouTube
Regardless if your markets numbers were higher or lower than expected, use this information to strengthen your abilities as a salesperson and help your clients who depend on your market intelligence.
Life is busy. Dealing with the minutia of the day-to-day and with what seems like endless commitments, it’s easy to get caught up in the chase and the “doing, doing, doing.” As a result, we often forget to slow down long enough to “smell the roses” so to speak and spend time on a few simple things in life that bring us enormous joy.
Indulge in a few “simple pleasures”, as we call them here at RRI. Simple pleasures are constructive acts of kindness to ourselves or to others that help us to refocus, renew our minds and feel joy about who we are and our state of being.
To qualify as a simple pleasure though, the activity must be constructive. It must build and uphold your life and not make you feel guilty after doing it. The goal is find activities that fit easily into your day and that are economically feasible to do daily or weekly if desired. They don’t have to cost a lot money or any money for that matter. These are simple activities that bring you joy.
Here are a few examples:
Exercise or any physical activity
Your morning coffee/tea
Quiet time spent alone to read, write or think
A hot bath with candlelight and a book
A long warm shower
A glass of fine wine (Note it says one!)
A telephone conversation with a family member or someone you love
Lunch with a friend
Making a donation of your time or money to a great cause
Helping someone in need
Sending a thank you note or a small gift
A family bike ride
Basketball on the driveway with your kids
Drawing, sketching or painting
Ball hockey with your kids in the street
Looking at old photo albums and home movies
Organizing a closet or drawer
It’s easy to push these tasks to the bottom of our to-do lists when life gets busy, so here’s a challenge for you for the coming week: Next time you sit down to create your weekly schedule or to-do list, incorporate one of these (or one of your own) simple pleasures and actually put it in your schedule.
Make an active choice to enjoy life and choose to see the good instead of focusing on the negative.
Remember, it’s a beautiful life!
June 2018 market stats are in for the four major Canadian real estate markets – Toronto, Vancouver, Calgary and Edmonton. We are more than half way through 2018 and with Q3 just beginning, we now have substantial historical data to accurately predict where these markets are heading. Take a look at the market updates below.
[DISCLAIMER] These videos were recorded live at Masters Academy Vancouver 2018.
Toronto (GTA), ON
Toronto’s market continues its resiliency. While much is the same, the numbers don’t lie, the Toronto market is strong. Detached properties are the only type of housing that is above three months of inventory; semi-detached, condo townhouses and condo apartments are all below two months of inventory in the month June. The overall M.O.I. fell by 0.1 from May and prices increased on average to $808,000. Year-over-year, sales are up 2.4% active listings are up 5.9% and average price is up 2%. Have a look below:
Toronto Real Estate Board | June 2018 - YouTube
Vancouver’s market is a doubled edged sword at the moment. Year-over-year, sales are down a whopping 37.7%, M.O.I. has more than doubled and sits at 4.6, but the average price of a property has risen 9.5% and sits at $1,090,000. In comparison to May 2018, sales are down, active listings rose slightly, and prices stayed nearly identical. As it has been for a while now, detached inventory sits at 8.5 months of inventory with the average home selling at $1,600,000. Townhouses are a much stronger market with 4 M.O.I. and an average price of $860,000. Apartments sit with 3 M.O.I. with an average selling price of $704,000. For a deeper dive on the Vancouver real estate market, check out my video below:
Real Estate Board of Greater Vancouver | June 2018 - YouTube
Sales increased and M.O.I. dropped 0.3 in comparison to May 2018, however average price dropped to an average of $436,000. Year-over-year the numbers are unwelcoming with sales down 11.2%, M.O.I. up 49%, D.O.M. up 19.7% and average price down 1.1%. Looking into Calgary’s micro markets, the detached property market is the strongest with four M.O.I. and an average price of $503,000. Calgary’s weakest market is it’s apartments with an average price of $259,000 and 6.4 M.O.I. respectfully. For my complete analysis of Calgary this month, take a look below:
Calgary Real Estate Board | June 2018 - YouTube
Edmonton is replicating Vancouver’s June output with lower sales, higher months of inventory but higher average price as well. Month-over-month, Edmonton’s sales were down and M.O.I. is up, however average price rose to $378,000 – an $18,000 increase from January 2018. Year-over-year, sales are down 10.1%, M.O.I. is up 32.6% and sits at 6.1, and average price is down 3.8%. For deeper look at the numbers, watch my video below:
Edmonton Real Estate Board | June 2018 - YouTube
Regardless if your markets numbers were higher or lower than expected, use this information to strengthen your abilities as a salesperson and help your clients who depend on your market intelligence.
The May 2018 numbers are in for the four major Canadian real estate markets – Toronto, Vancouver, Calgary, Edmonton. For an insightful look at the stats and facts in each of these markets, take a look at the market updates below.
Toronto (GTA), ON
Welcome to RRI’s May 2018 TREB Real Estate Market Update. There’s some good news and there’s some bad news. Let’s start with the bad news. Sales are down just over 22% year over year, listing inventory is up 13.2%, average prices are down (just slightly), Months of Inventory and average days on market are up. Overall not great numbers, however, we are still in a healthy, balanced market. The most revealing stats are when we look at core of the City of Toronto. A whopping 40% of the total TREB sales were in the City of Toronto where there is just 1.9 Months of Inventory – a very strong market in the 416 area code. As you move out of the city core, markets weaken. For a deeper dive in these stats, view the market update video below:
Toronto Real Estate Board Market Update | May 2018 - YouTube
We have some staggering numbers this month for Vancouver. May 2018 suffered a 35% drop in sales year over year, a 38% increase in active listings leaving Months of Inventory hovering at 4 months – which is a 122% increase over this time last year. There’s no denying these numbers, Vancouver is facing a new reality and it’s time to adapt. There is, however, some good news here. For a deeper dive on the Vancouver real estate market, check out my video below:
Real Estate Board of Greater Vancouver | May 2018 - YouTube
We’ve seen similar trends across Canada, there’s some good news and bad news for Calgary real estate. Bad news first. Sales are down 18.4% sales year over year, listing inventory is up 35% – equating to 4.9 Months of Inventory – up from 2.9 in May 2017. The good news – when we look at January to date in 2018 — Calgary is a very stable market. This year so far, sales have been going up and days on market coming down. For my complete analysis of Calgary this month, take a look below:
Calgary Real Estate Board | May 2018 - YouTube
Edmonton sales are down slightly in May 2018 over May 2017 but not a significant decrease. Active listings however are up 17% pushing the Months of Inventory up to 5.5 months, from 4.5 months in 2017. Composite benchmark pricing and Average Days on Market have remained relatively stable. The good news is looking at January 2018 to date we’ve seen sales increase steadily and Months of Inventory have drop. For deeper look at the numbers, watch my video below:
Edmonton Real Estate Board | May 2018 - YouTube
I hoped you enjoyed this month’s market updates. The best advice I can give you is this: You can’t control the market, but you can certainly control how we react to them.