January 2013

Not a bad start to the new year. The avarage price of a detached 2 storey home was $886,000 up 8.5% from a year ago.   However, sales volumes were down almost 10%.

There were 21 sales above a million dollars, 50% more than last January. So the high end market is continuing to roll along.

The average price for a detached bungalow was almost $650,000 ($648,192) while the average sale price for a condo apartment was $under $300,000 ($286,308).

The rental market was active with 68 rental sales 14 of which were for condo apartment rentals.

Financing remains attractive with 5 year money being offered at 2.99% fixed & 2.65% variable.

At a recent company meeting with our executives the forecast for 2013 is for prices to flatline and volumes to drop approximately 5% from 2012 levels. Not bad considering the global economy.