Elevated sales guided by affordable product and inventory decline
The third-quarter hustle continues to show signs of growth. Comparable to last quarter, a great deal of the advancement in the market has been guided by supply corrections.
Nonetheless, the housing market has also improved this quarter from solid year-over-year growth in sales activity. A decline in prices has likely supported some of the boosts in demand. Additionally, sales growth has been guided by products priced less than $500,000.
“This is a market with divergent trends. The lower end of the market is recording improving sales and easing supply. This is supporting more stability in prices. However, at the higher end of the market we continue to see slower sales and rising supply,” said CREB® chief economist Ann-Marie Lurie.
“Persistent struggles in the overall economy have caused a shift in salary expectations, along with adjustments...
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Media release: Moving towards balance
Sales activity improved over last year's numbers for the third consecutive month, as year-over-year inventories and new listings eased. This direction is encouraging the housing markets stability.
“Price declines have likely brought some buyers back into the market,” said CREB® chief economist Ann-Marie Lurie, noting improvements in the market continue to be driven by homes priced below $500,000.
Sales improved by 16 per cent this month in the condominium apartment market. Symbolizing the segments best September since 2015. Growth year-to-date in both the apartment and attached sectors were adequate to balance the moderate decrease in the detached sector resulting in sales growth in the city year-to-date of almost one per cent.
The overall market remains oversupplied despite reductions in inventory and improving sales. Continuing to have an influence on prices.