With little change in the city’s economic climate and a continued shaky level of consumer confidence, the real estate market continues to see weak sales activity and elevated levels of inventory for the month end February 2019. Benchmark prices, inclusive of all inventory types, were five per cent below last year, 10 per cent below highs recorded in 2014, and slightly below the last month’s figures now totaling $414,400. Inventory levels currently total 5,885 units for sale which remains over supplied, compared to only 976 sales total sales for the month. That means your home had a 16 per cent chance of selling last month. With this in mind, sellers need to be sure their home stands out in both presentation and in price. The good news is that new listings added to the market for the month was down eight per cent compared to last year.
City wide benchmark prices for detached homes was $475,600. The apartment sector is starting to see improvements in the amount of inventory available, now nine per cent below levels recorded at this time last year. Benchmark pricing for apartment condos was $252,300.
If you are in a position to buy, you are envied. Prices are competitive and there is a lot of selection available. Questions? I’m here to help. Please reach out anytime!