It's as if someone turned the tap off. Sales volumes continued on their downward trend. Off more than 75% compared to the second quarter 2016 when there were 1312 sales compared to 298. Of those there were 97 2-storey, 51 condo apartment and 33 bungalow sales.
The average days on market was 24. Still reasonable quick however, since May 1st (through June 30th) the sales volume numbers have really fallen off. The average selling prices for the above categories are also shown below;
Detached 2-storey 24 $1,566,309 (without including a $16mm sale)
Condo apt sales 22 $556,863
Detached bungalows 8 $1,213,212
Those average sale prices during the 2nd quarter of 2016 were $1,300,000/$745,000 & $1,090,000. The year over year percentage change were +20%/-37%/+11%, respectively. In the case of condo sales, there were more entry level condo's purchased compared to 2016 which has led to this average price decline.
Add the normal slowdown for summer vacations and your not in a good position if you have to sell. And showing and open house traffic is way down.
Some feel the market will pick up in September as the fall market is usually quite good. I believe it will take a little more time for the dust to settle from the recent rule changes, similar to Vancouver and we won't get back to normal volumes til Jan 2018.
Buyers sitting on the sidelines certainly have more choice and I believe we are approaching a Buyer's market! You can argue it's balanced right now.
Rental sales volumes were similar year over year, 233 versus 239. Perhaps we will see some buyer's enter the market sooner should interest rates increase.
