After the first 3 months of 2017, we see positive evidence that the market is continuing to head in the right direction. There were 1,906 homes sold in March, which is 20% more than in March of 2016 when 1,590 homes were sold.
Year To Date(YTD)totals show that 4192 homes have been sold so far in 2017, while 3485 were sold during the same time in 2016. Days On Market(DOM) has decreased since the beginning of the year, with the average being 53 days in January, 48 days in February, and 44 days in March.
Unadjusted detached benchmark prices totaled $503,900 in March, 0.4 per cent above last month and similar to levels recorded last year. Meanwhile, Apartment and attached prices continue to remain well below levels recorded last year. Sales were still 10% below long-term trends in March, but above levels over the last couple of years…since the start of the market decline.
“The housing market transition in the first quarter appears to be consistent with trends in the labour market,” said CREB chief economist Ann-Marie Lurie. “However, the way the rest of the year unfolds will be largely determined by what happens in the next two quarters, as nearly 60 per cent of all housing sales typically occur in that time frame.”