Hello again.
The rental market was quite active with 101 leases which was just about double last years result. And rents have been going up pleasing many happy investors. At the moment there are 85 properties available for lease.
Presently we have 538 properties for sale which is giving buyers some choice. Property sales have had mixed results as you will see below, with some price increases and decreases, and the actual sales volume has gone down. June 2024 had 143 sales compared to 176 a year ago and this mirrors May's year over year results which were 170 in May 2024 and 228 in May 2023. Nevertheless homes and condo's are still expensive and many prospective buyers are looking forward to more interest rate cuts to help with affordability
The average sale price for a detached 2-storey home was still above the two million dollar mark at $2,077,526, but down almost 7% from June 2023's $2,218,575. Bungalows sold on average for $1,619,583 down slightly from last years $1,669,000. Condo apartments went up from $794,455 to $895,222 which was also up from this May's $835,444.
Similarly freehold townhomes were down slightly from $1,163,000 to $1,111,042. Condo townhomes fell from $1,243,519 to $953,111. Semi- detached homes also dropped from $1,310,200 to $1,217,667. Detached split level homes went from $1,889,750 to $1,490,333. Major price shifts are often attributed to transactions which occur different neighbourhoods. For example, if one year there were more Southeast sales as was the case for detached split homes, then that can create a significant change in price from one year to the next.
One link home traded this June for $1115000 and Stacked condo townhomes fell to $653,333 from $705,000.
It took on average 22 days to sell a property up from 17 days in June 2023.
Expect market activity to soften for the summer as per usual and enjoy this wonderful time of year!
