• Detached sales improved in November over last year’s levels, mostly due to growth in the $400,000 – $500,000 range. However, sales in November and overall activity remain low by historical standards.
• Despite some recent gains in sales activity, year-to-date sales remain comparable to last year’s levels and 20 per cent below longer-term trends. However, detached sales have improved in both the North West and South districts this year.
• Improving sales, combined with further declines in new listings, helped reduce inventories in this sector compared to levels recorded last year. However, supply levels remained elevated based on seasonal comparisons.
• Like some of the other sectors, the detached market is slowly moving toward more balanced conditions. However, it is still oversupplied, and this trend continues to weigh on prices.
• The detached unadjusted benchmark price was $481,500 in November, slightly lower than last month’s levels and two per cent below last year’s prices.
Apartment
• Apartment sales pulled back this month, causing year-to-date sales to remain comparable to last year’s levels and 21 per cent below long-term averages.
• The monthly decline in sales was mostly driven by pullbacks in the City Centre, North West and South East districts. However, on a year-to-date basis, sales activity improved in the North, West and South East districts.
• New listings rose across most districts, causing city-wide inventory gains this month. Much of the gains were a result of a rise in new-home listings filtering into the resale market. Despite the monthly shift, year-to-date new listings and inventories remain lower than last year’s levels.
• Weaker sales, combined with rising inventories, pushed November months of supply to over seven months. This is higher than last year’s levels of more than five months.
• Persistent oversupply in this sector caused prices to ease. The year-to-date benchmark price declined by more than two per cent.
