This product type remains far from record highs, but apartment condominium sales improved in the first quarter and are at the highest levels seen since 2014.
The rise in sales was met with a gain in new listings. However, unlike other sectors, the gain in new listings was enough to keep the sales-to-new-listings ratio relatively low in the 40 per cent range. Inventories also trended up slightly compared to last quarter and remained higher than last year’s levels.
Despite the inventory gain, this market did see a reduction in the months of supply. When considering a quarterly average, the months of supply eased to just over five months in the first quarter, an improvement relative to the previous quarter and to the first quarter of last year, when it was above seven months.
As the months of supply is trending down, we are starting to see some signs of improvement in prices. At a benchmark price of $247,167, apartment condominium prices are similar to levels recorded last quarter and are one per cent higher than last year’s levels.
Despite the recent shifts, prices remain nearly 18 per cent below previous highs from 2014. There is also variation in pricing activity based on location. Year-over-year price gains were the highest in the North East district at nearly eight per cent, followed by the South district at four per cent.
Meanwhile, prices were relatively stable for both the City Centre and North West districts. The only district to record further price declines was the South East.