Weekly stats update courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||61%||68%||
|Months of Inventory||
A significant dip in the sales rate last week, that’s probably due to the long weekend, which in a government town is 4 days long so we only really had 4 business days in there. I would expect quite a few sales to pile up today. We are approaching a third fewer sales than this time last year, which along with the approximately third less inventory makes conditions quite similar to last year.
Inventory is down from last week again. Inventory gains were very low last year as well, but the difference was that sales were 32% higher and we had some more properties on the market to cushion the blow. This year we will be moving into the fall market with essentially nothing for sale. Compared to a more normal year like 2015, we have added only about a quarter as many properties to the market in the spring season as we usually do.
The Toronto situation is coming to a head with half of the stories on the Financial Post speculating on what will happen or marvelling at the price gains. The industry is getting antsy, so you know the government intervention should be good.