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“Life is either a daring adventure or nothing at all.”
 – Hellen Keller​​​​

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First off, a happy Easter to you and yours. I hope the long weekend has offered some smiles and sunshine. 

No change to the overnight lending rate from the Bank of Canada last week but much change in the market with March inventory at its higest level since 2014. That said, there is still an appetite for well-priced, compelling properties which continue to generate interest and sales. Despite increasing supply, the average "listing days on market" currently remains on par with where it's sat the last few years. That said, total sales counts were 37% below the 10-year average overall for last month. 
 

Some segments are fairing better than others. Townhouses, for example, have a sales-to-active listing ratio of 22%, while houses and condos came in at 10% and 16% respectively. Generally, analysts say downward pressure on prices tends to occur when demand falls below 12% for a prolonged period of time, while prices tend to increase when the ratio is sustained above 20%.
 

As for what is specifically going on with home values, all property types showed an increase in HPI Benchmark Prices when comparing February to March this year. The overall change in composite HPI benchmark pricing for all property types over the last 12 months is minus 0.6%. Houses, however, have logged a 0.8% increase over the past year, while condos and townhouses decreased 0.9% and 0.8% respectively.
 

In other news, sales prices will now be available on realtor.ca for consumer perusal.

 

For those of you who would like to stay ahead of market shifts, we have by-the-week statistics available which provide insights into recent sales numbers and new listing counts by area.  Let me know if you would like these or if you have questions about how any of the above information may impact your opportunities.
 

I'm here to discuss or assist in whatever way I can.

You can see the full real estate market report and press release from GRV here.

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