Despite some year-end improvement in apartment sales, 2018 sales activity eased to 2,663 units, a seven per cent decline over last year and 22 per cent below the 10-year average.
Multi-family product under construction has eased from 2014 highs, but 2018 starts still rose. This ran counter to expectations of slower starts activity in 2018 in response to oversupplied conditions.
New listings in the resale market started to match slow sales activity, falling by nearly 7.3 per cent on a citywide basis and preventing further inventory gains. New listing reductions occurred in most districts, with inventory easing in the North East, East, North West and South districts.
Oversupply has persisted in the apartment sector of the market for over three years, causing prices declines across all districts that ranged from a high of 5.3 per cent in the East to a low of two per cent in the City Centre and North West.
Citywide prices have eased for three consecutive years, but interestingly, the pace of decline has slowed over each year, moving from a six per cent decline in 2015 to a three per cent decline in 2018.