October 2023

At the moment we have 462 properties for sale (all types) compared to 348 a year ago.  Buyers now have more choice and in most cases more time to make a decision on average.  While many markets are balanced, most sellers are having to be more patient and realistic when setting their asking prices.  Some sellers have attempted setting a below market list price to induce multiple bids without success while others sold their homes as expected.  

It's nice that interest rates have flat-lined for awhile but don't look for any relief/reductions until the second half of 2024.  And in the interim expect a bumpy ride.

Prices have performed as follows;

                                                Oct 2023               Oct 2022                        % Change

Detached 2-storey                  $2169150              $1866655                            +16

Detached bungalows              $1718272              $305000*                            - 77

Semi-detached                           n/a                      $1050000

Link                                           n/a                          n/a

Freehold THs                           $1287875               $1186176                          +8.50

Condo THs                               $793750                 $1053000                          -32

Condo apts                                $813444                $899652                            -10

* only 1 bungalow sold in October 2022 and down slightly from September 2023 $1757000 average.

A year ago October saw 63 properties lease, Sept 2023 had 46 and this October 2023 79.