- Sales higher in Toronto (+18%) Calgary (+20%) and Edmonton
- Sales lower in Vancouver (-31%), Fraser Valley and Victoria (-17%)
- Toronto sales of 12,077 are more than Vancouver, Calgary and Edmonton, Victoria and Kelowna (10,751) together
- Average prices higher ALL CITIES, down in Vancouver
- Alberta jobs higher in March (highest percentage increase in Canada)
- SF homes and condo sales have decoupled in the Lower Mainland
Normal General rules
Sales higher, listings lower = prices higher later
Sales lower, listings higher = prices lower
NOW in Vancouver – THE NEW NORMAL:
Sales lower and listings lower … prices hanging in there
- Last March/April sales were at all-time highs. Likely, we are getting back to more normal conditions.
- Fraser Valley (hot condo market), but also slowing sales and rising listing inventories (Ladner).
- The fog will lift this month.
- Get a good Realtor and make sure you understand YOUR local sub-market. You are not buying the Vancouver market, but a specific property in a specific sub-market. Study the numbers there, before you decide. Some markets have sharply rising listing inventories in single family homes, others a very steep decline in condo inventories.