Real Estate Market Update | March 2018
What a difference a year can make. Year-over-year we are seeing significant changes throughout real estate markets across Canada. In each of the four major markets I’ve reviewed, Sales have dropped and Active Listings are on the rise, which means Beauty Contests and Price Wars will dominate the marketplace.
Year-over-year, Vancouver is -30% in Sales, Edmonton -12%, Calgary -27% and Toronto nearly -40%. These are noteworthy changes and deserve some evaluation but I don’t think the sky is falling. Markets change but we as professionals need to be able to change with them.
Comparing March 2018 to March 2017, sales are down just over 27% and inventory is up almost 25%. This means as of March 2018, Calgarians are working with roughly 4.6 months of inventory. There’s no doubt you are in a shrinking market which means there are fewer sales happening for the same amount of people.