The month of May saw a hefty 19.5 % increase in new listings across the Western Region year over year, with 429 new listings coming to market May 2019 vs 359 May 2018 giving some patient Buyers the chance to finally jump into the market.

 

 

However, even with the increase of new listings coming on to the market, the number of new listings remained at near historic lows. And while active listings were up 32.3% over last May, with 766 properties available in May vs 579 in May 2018 active listings also remained at near historic lows. So, it’s not surprising that with more listings available, sales activity was up 7.6% year over year with 213 sales reported in May 2019 vs 198 sales in May 2018. However, the average sale price for a residential property across the Western Region fell 2.8% year over year to $522,593, likely due in part to more choice and reduced competition as a potential consequence. The Sales to New Listings Ratio for May 2019, was 49.7, down from 55.2 last May, but still well within balanced market conditions.

 

Thanks to the mortgage stress test and other government measures implemented two years ago to cool the frenzied market, Sellers and Buyers in the Western Region are adapting to the new normal which means more balanced conditions, although affordability still remains a challenge for many.

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