Monthly Sales Figures
Other than January, each month this year has seen a year-over-year decrease in the number of sales ranging from -6.3 to -18.3%. Positive growth in January sales are likely associated with deals agreed to in advance of the second set of new mortgage rules introduced in January 2018.
Average Sale Price
Similar to the sales figures provincially, the average sale price of units has also declined on a year over year basis, though not to the same degree. Based on the increasing challenges in getting approved for a mortgage and the significant amount of inventory presently on the market, there could be continued downward pressure on housing prices.