Realtor_Paul_Chou

Apartment prices ease as inventory remains elevated..

🔹Sales in May: 2,162 (down 15.5% from this time last year)

🔹Benchmark price for total residential (all property types): $570,500 (down 3.0% from this time last year

🔹Inventory: 6,752 (up 0.1% from this time last year)

🔹Months Supply: 3.12 months — Balanced Market

Summary:
In line with seasonal trends, inventory has risen from the start of the year, reaching 6,752 units in May. While these levels are consistent with last May, they remain 11% higher than longer-term trends for the month, thanks to higher supply levels of apartment and row-style homes. Meanwhile, inventory levels for detached homes are down 3% compared with both last year and long-term trends. 

The shift in supply is being felt in the market. More supply choice in the new and rental markets has created a more competitive environment for potential buyers. At the same time, concerns over rising cost of living and slower migration are also weighing on consumers. While this has caused the overall resale market to shift to a balanced state, the supply pressure is having a more prevalent impact for apartment-style units, where conditions are favouring the buyer. This is also impacting price movements, with apartment prices continuing to trend down and other property types reporting a seasonal lift over the winter months.

Overall, when adjusting for seasonality, total residential prices have remained relatively stable, as detached improvements have offset pullbacks for apartment-style homes.

[stats provided by CREB®]

PM me if you have any questions about the market 🙂

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Completed my first race over the weekend 🏃🏻‍♂️

Somewhere between 12km and the finish line, I started questioning why I ever signed up… but we got there!

What a humbling and challenging experience.

From the participants, to the crowds cheering along the course, to all the volunteers — the vibe all day was incredible! It was amazing to be part of such a great race and community.

Thank you and everyone who helped make this event possible.

See you next year 🫣