Row
Sales picked up in February compared to January, reaching 270 units. Meanwhile, after January’s surge in new listings, levels slowed to 491 units, helping bring the sales-to-new-listings ratio into more balanced territory at 55 per cent. While inventories did rise, the monthly gains in sales helped reduce the months of supply from over four months in January to just over three months in February.
The unadjusted benchmark price rose to $423,600 in February, in line with typical seasonal expectations. While prices are still five per cent lower than last February, there is significant variation between districts. The steepest year-over-year declines have occurred in the North East and East districts at over 10 per cent. Meanwhile, prices in both the West and City Centre are only slightly lower than levels reported last February.
Apartment condominium
Despite a pullback in new listings in February, with 753 new listings and 345 sales, the sales-to-new-listings ratio remained low at 46 per cent, contributing to further inventory gains. February reported 1,580 units in inventory, high enough to keep the months of supply well over four months. The persistently higher supply levels continued to weigh on prices in February, as the monthly benchmark price dropped to $298,600, nearly one per cent below January and over nine per cent lower than prices reported last February.
Conditions do vary across the city. After the first two months of the year, the months of supply have ranged from over 11 months in the North East to below four months in the South district. The higher supply levels are weighing on prices across all districts. The largest year-over-year price adjustments have occurred in the North East, East and South East districts, which have seen declines surpassing 10 per cent.