After the first four months of the year, row sales totalled 1,217 units. This the best start to the year since 2007, and well above long-term averages.
New listings in this sector have also been on the rise, causing inventories to trend up. Supply has risen above levels recorded last April, but strong sales compared to inventory levels have caused the months of supply to remain just above two months. This is significantly lower than the longer-term average, which is closer to four months.
While these conditions have only persisted over the past three months, prices have been slower to climb. As of April, row benchmark prices climbed to $293,400. Prices have been trending up across all districts of the city, but they remain well below previous highs.
Further improvements in April resulted in 1,280 year-to-date sales in this sector, which is the strongest sales seen over the past six years.
New listings also remained high compared to typical levels and inventories continued to rise. There was more inventory in the market, but the improvement in sales did cause further reductions in the months of supply.
In April, the months of supply was just over four months. This is fairly consistent with longer-term trends and reflects the most balanced conditions seen for some time. With less oversupply in the market, prices have been trending up and in April the benchmark price was $251,900. This is more than three per cent higher than last year.
Price improvements did vary by location and it will take some time for prices to recover to previous highs.
For example, there was a two per cent year-over-year increase in the City Centre, where most of the condo sales occur, but prices remain nearly 17 per cent lower than previous highs.