Sales were good this month with 221 sales taking place. The average price for a detached 2-storey home was $961,000 about 2% better than a year ago. Were you to factor in one very large sale for $14.2 million then the average price would rise above $1.1 million.
Lease sales were about the same as a year ago with 56 rental sales. The cheapest was for a 1BR 1 bathroom condo apt that went for $1400/mth while the most expensive went for $8,000/mth for a detached home in Southeast Oakville.
Here's a quick glance at the high end market over the last 4 years from January through to October.
$1-1.5M 1.5 - 2M 2-3M $3,000,000+ Total sales
2011 17 38 43 9 107
2012 21 255 65 16 357
2013 25 61 65 14 154
2014 30 8 5 2 45
Quite the reduction in 2014 upper end sales volumes! It's almost as if families are deciding to stay put and perhaps renovate. The stock market gyrations are likely adding to this course of action as well.
Financing remains cheap however, with the 5 year variable and closed rates available as low as 2,45% & 2.99%, respectively.
