Year-to-date residential sales in the city remain just above last year’s levels due to improvements in the attached sector so far this year. However, November sales activity eased over last year’s levels, mostly due to pullbacks in the apartment sector.
Meanwhile, new listings eased enough relative to sales to cause inventories to ease and the amount of oversupply to come down slightly compared to last year’s levels.
CREB® chief economist Ann-Marie Lurie said, while the amount of supply in the market continues to ease, the persistent oversupply continues to weigh on prices.” As of November, the citywide unadjusted benchmark price was $419,100. This is just below last month’s levels and two per cent lower than last year’s levels.
HOUSING MARKET FACTS
Detached – Detached sales improved in November over last year’s levels, mostly due to growth in the $400,000 – $500,000 range. Like some of the other sectors, the detached market is slowly moving toward more balanced conditions. However, it is still oversupplied. The detached unadjusted benchmark price was $481,500 in November, slightly lower than last month’s levels and two per cent below last year’s prices.
Apartment – Apartment sales pulled back this month, causing year-to-date sales to remain comparable to last year’s levels. Persistent oversupply in this sector caused prices to ease. The year-to-date benchmark price declined by more than two per cent.
Attached – Year-to-date sales remain more than six per cent higher than last year’s levels and just below long-term averages. While the attached market remains oversupplied, the market continues to improve over last year’s levels. November semi-detached prices eased by two per cent compared to last year.
REGIONAL MARKET FACTS
- Sales activity continue to improve in November compared to last year. This caused year-to-date sales to rise to 1,146 units, an increase over last year.
- The year-to-date benchmark price in Airdrie was $332,345, three per cent below last year’s levels.
- November sales eased compared to the previous year, but it was not enough to offset earlier gains, as year-to-date sales remained just above last year’s levels.
- In November, prices the benchmark price was $394,200, lower than last month and more than four per cent below last year’s levels.
- November sales continued to improve over the low levels of activity recorded last year. The steady gains have caused year-to-date sales to rise above last year’s levels.
- Prices in this market have been slower to adjust. In November, the unadjusted benchmark price was $412,100, lower than last month.
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