As we delve into the real estate market for the month of February, it's evident that each city has its own unique story to tell. From Victoria to Nanaimo, Vancouver to Calgary to Toronto, the trends and statistics vary, showcasing the diverse nature of Canada's real estate landscape. All across the country we are facing high interest rates, high demand for housing due to record immigration numbers and slow down in construction starts. It’s a perfect storm for prices to go even higher in this mostly balanced market.  
Let's take a closer look at the market performance in each of these cities.

Victoria

In Victoria, the real estate market continued to show strength in February. According to the Victoria Real Estate Board (VREB), a total of 470 properties were sold in the region, marking a 2.2% increase compared to the same month last year.
“We saw glimmers of a start to the spring market over the course of February,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “In addition to the increase in sales, more than five hundred new listings came to market when compared to last year’s inventory numbers. This much needed inventory gives buyers more selection and more time to make their purchasing decisions. We’ve also seen prices continue to remain stable, which is excellent for buyers and sellers because it makes the transaction much more predictable.”


The benchmark value for a single family home in the Victoria Core in February 2023 was $1,251,000. The benchmark value for the same home in February 2024 decreased by 0.3 per cent to $1,247,400, up from January’s value of $1,244,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2023 was $549,300 while the benchmark value for the same condominium in February 2024 increased by 1.4 per cent to $557,000, down from the January value of $559,000.

FULL REPORT HERE

Vancouver
“Home Sellers awaken this spring, bringing much-needed inventory to the housing market.”
The Vancouver real estate market saw a mixed performance in February. According to the Real Estate Board of Greater Vancouver (REBGV), a total of 2070 residential properties were sold in February, a 13.5% increase compared to the same month last year.
“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.”

“Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.

The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024. The benchmark price of an apartment home is $770,700. The benchmark price of a townhouse is $1,094,700

FULL REPORT HERE

Calgary

Low inventory and high demand drive price gains in February.
Calgary's real estate market experienced a surge in activity in February. The Calgary Real Estate Board (CREB) reported a total of 2711 residential sales in February, marking a 23% increase compared to the same month last year.
Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market," said Ann-Marie Lurie, Chief Economist at CREB®. “It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.

The benchmark price of a detached home rose to $721,300, showcasing the high demand and competitive nature of the market. Semi detached reached $639,100. Row homes $436,500. Apartments $329,600.

FULL REPORT HERE


Toronto
The Toronto real estate market remained strong in February, with high demand driving prices up. According to the Toronto Regional Real Estate Board (TRREB), a total of 5,607 residential transactions were recorded in February, a 17.9% increase compared to the same month last year.
“As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the year, lower interest rates will further boost demand for ownership housing. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity,” said TRREB Chief Market Analyst Jason Mercer
“Population growth has been at a record pace and with the anticipated lower borrowing costs, the demand for housing – both ownership and rental – will also increase over the next two years. Unaffordable housing not only has a financial impact but also a social impact. Recent research conducted for TRREB by CANCEA in our 2024 Market Outlook and Year in Review report underscores the negative impact of unaffordable housing on peoples’ mental health and life satisfaction. It’s comforting to see that there has been some real building happening in the GTA and that the provincial government is rewarding those municipalities that are working to eliminate the red tape and meet those homeownership needs,” said TRREB CEO John DiMichele.

The average price of a detached home in the area code (416) is $1,657,026. Semi-detached: $1,319,884. Townhouse $970,967. Condo:$726,608

FULL REPORT HERE

Nanaimo

“February Sees Significant Sales Increase”
Last month, 254 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, up 15 per cent from one year ago and 67 per cent from January 2024.
“Board-wide, sales rose significantly from last February, while month over month, increases were in the high double digits,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are reporting that although many buyers are waiting for spring, pent-up demand is high.”
While much media attention has been on interest rates and a hoped-for reduction from the Bank of Canada, some financial institutions are offering excellent rates. “In fact, five-year fixed rates are between five and seven per cent, and for current clients, some banks are offering rates of less than five per cent for longer terms,” adds Yochim. “We encourage people to speak to a mortgage professional to determine their best option.”

In Campbell River, the benchmark price of a single-family home was $661,600 last month, up nine per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by six per cent to $829,500. In the Cowichan Valley, the benchmark price 2was $749,900, a five per cent increase from February 2023. Nanaimo’s year-over-year benchmark price rose by six per cent to reach $787,000, while the Parksville-Qualicum area saw its benchmark price increase by three per cent to $845,700. The cost of a benchmark single-family home in Port Alberni was $528,400, up nine per cent from the previous year. For the North Island, the benchmark price of a single-family home dropped by four per cent to $392,100.

FULL REPORT HERE

In conclusion, February presented a mixed bag of trends in the real estate markets of Victoria, Vancouver, Calgary, Toronto, and Nanaimo. While some cities experienced a surge in sales and price growth, others saw a slight slowdown. It’s still too early to tell if the Spring market will be very busy with sales or with listings. It appears to me that there will be a lot more inventory hitting the market soon. Great news for the buyers waiting for some options.

These trends indicate the resilience and diversity of Canada's real estate market, offering opportunities for both buyers and sellers in different regions.

Quadra Island Real Estate:
February had a busy start on Quadra Island, with 7 new listings, 2 pending, 1 cancelled and 1 expired listing. All prices were between $579,000 and 1,900,000. Out of the 11 listings 6 are over the million dollar mark. Quadra Island has currently 21 active listings.

QUADRA ISLAND REAL ESTATE LISTINGS

Cortes Island Real Estate:
Cortes saw 2 new listings, one of which was a re-list, one sold, and 1 expired. Cortes currently has 10 active listings.

CORTES ISLAND REAL ESTATE LISTINGS