Thanks to growth across all districts in the city, sales activity for semi-detached homes reached record levels in the first quarter. Less choice in the lower-priced detached market has likely caused many to turn to the semi-detached sector.
However, increasing new listings in the first quarter were not enough to offset the growth in sales and inventory levels eased relative to the previous quarter and the same period last year.
Inventory reduction and record-high first-quarter sales caused the months of supply to drop below two months in the first quarter. This is significantly lower than the five months recorded last year, as well as the typical levels recorded in the first quarter, which is closer to four months of supply.
With the conditions shifting to favour the seller, prices have trended up for three consecutive quarters. The benchmark price in the first quarter of this year rose above $400,000, over three per cent higher than this time last year.
The areas with the tightest market conditions generally recorded the largest year-over-year price gains. However, the North district recorded the largest year-over-year gain at over seven per cent and is the only district to reach a record-high quarterly price at $342,700. Prices continued to ease in the West district, with a year-over-year decline of over two per cent.