It's still a Seller's market. Sales volumes were a little higher the first quarter of 2015 compared to 2014 however they were slightly lower for detached 2-storey homes. And that has worked out just fine for Seller's as we saw a number of homes get multiple Offer's.
On paper, detached 2-storey home prices were up 4.5% to $1,078,000. The percentage could have been greater if the Ultra luxury market performed as well as it did during the first quarter of 2014. There were 45% more properties sell above the 2 million dollar mark for the first quarter period in 2014 which skewed the average price higher last year.
The condo apartment market sales volumes was about the same with most of the 68 sales selling for less than $500,000. Only 2 apartments sold above a million dollars during the quarter.
There was a significant spike in the rental market. Up 35% and likely attributed to the low resale sales inventory. Prospective buyer's continue to rent while waiting for more selection to hit the market.
Financing is still extremely attractive with 5 year money available at some banks below 2.40%.
