September statistics show that VIREB's long-running sellers' market is moving towards balanced conditions, but prices continue to rise.
Sales of single-family homes in September dropped by 32 per cent from one year ago and 25 per cent from August 2018.
Last month, 348 single-family homes sold on the MLS® System compared to 467 in August and 511 one year ago. The number of apartments and townhouses changing hands last month dropped by 26 per cent and 41 per cent year over year, respectively.
Inventory of single-family homes in September rose slightly, up four per cent from last year. Active listings of apartments dipped by six per cent year over year while townhouse inventory posted a modest increase, up by three per cent over September 2017.
The benchmark price of a single-family home for the overall board area hit $508,800 in September, a 12 per cent increase from one year ago. In the apartment category, the benchmark price climbed to $319,600, up 18 per cent from September 2017. The benchmark price of a townhouse hit $414,300 last month, up 14 per cent over last year.