A look back at 2018:

  • 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.