Weekly stats update courtesy of the VREB via Marko Juras.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||102%||
|Months of Inventory||
Amazingly enough we are still running about 8% ahead of last year’s sales rate despite having nearly 40% less inventory. I thought December would be the end of the trend of improving year over year sales but it isn’t the case yet.
December is a month where we usually see about as many listings as new sales, so don’t expect any reprieve to the inventory situation until February at the earliest.
Coming up next: The ruling concerning whether the Toronto Real Estate Board can block the release of sales data is due to come out any day now. If you recall, the Competition Tribunal ruled that the TREB cannot block this data from being made widely available to the public, which the TREB promptly appealed citing privacy concerns to releasing the data. My prediction is that their appeal will fail and the data will be released. This precedent will likely spread to the rest of the country within about a year so look forward to Zillow in Canada and many other similar sites that will pop up.
It will be interesting to see the effect on the real estate industry once this happens. Currently they are wailing and gnashing their teeth, but has it really hurt the industry in the US? Their home sales data has been available for years and yet typical commissions in the US are 5-6% of the sales price, which is even more than here (typical is ~3.5% on the average Victoria home). While those sites are allowing people to be more informed (or is it just more info-garbage?), they’re apparently not doing a thing to impact the value proposition of agents. The high transaction costs seem to be much more resilient to a better informed consumer than anyone would have anticipated.