WOW who would have thought prices would get to where they are. Crazy market, great for Seller's and horrible for Buyer's.
Sales volumes this year are very soft compared to 2016. Essentially down by more than half. The number of detached 2-storey, condo apartments and detached bungalows sales were as follows;
85, 48 and 29. This works out to 25%, 55% and 38% of their 2016 sales volumes. Add to that the price increases year over year for each of these categories and you can see the frustration for Buyer's.
Detached 2-storey homes average sale price for the first quarter of this year is $1,512,412 that's up 17.62% over 2016's $1,285,859.
Detached bungalows are averaging $998,450 up 9% (from $916,000) and condo apartments are averaging $497,333 up 16% (from $427,448).
There may be some relief for Buyer's with the recent taxes implemented by the Wynne governoment. It's a wait and see, but we are already experiencing reduced activity at open houses and showings, as well as fewer attempts to auction properties off. Let's call it "back to normal/traditional" marketing is now in the works.
Interest rates remain very attractive with no foreseeable rise in 2017. 5-year benchmark money can be borrowed at 2.54% while variable rates approximate 2.20%.
Feel free to make a comment at "kevinconroy@cogeco.ca" or call at 905-330-9197
kevin conroy
Royal LePage
