March Market Report

Market Report
  • 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

MAJOR POINT

  1. Last March/April sales were at all-time highs. Likely, we are getting back to more normal conditions.
  2. Fraser Valley (hot condo market), but also slowing sales and rising listing inventories (Ladner).
  3. The fog will lift this month.
  4. 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.
Ozzie Jurock

Ozzie Jurock

Ozzie helps members build an action plan toward real estate success with his Real Estate Action Group, arming investors with the best information and insights possible with his Jurock Real Estate Insider. More info OzzieJurock.com

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