February 2025

February saw more properties come to market in advance of the normally busy Spring market. 

Both for sale and for lease properties took longer to complete.  The cold weather and significant snow fall did not help either.  Also recent immigration restrictions may further cool the market.

The rental market saw 307 leases during the month which was exceptional, ranging in price from $1500 to $12,000/mth. 

In addition, the ultra luxury segment (properties above $3,000,000) was virtually non existent compared to prior month activity.

The average price for a detached 2-storey home was $2,230,725 down almost 13% from a year ago with 53 homes changing hands.  Detached bungalows averaged $1,702,636 up about 12% with 11 sales.

Other styles of housing were as follows;

Condo apartments $713,650 Condo THs $782,462 Freehold THs $1,100,939 Semi-detached $1,056,750

Link homes not as common with just one sale at $1,250,000

Detached split level homes $1,581,714

It's great to have the Ontario election behind us sa well as the Liberal leadership race coming to a conclusion so our politicians can focus on President Trump's proposed tariffs.

Expect to see more activity as the weather improves.

January 2025

The market was relatively active this January with over 700 showings per week and over 500 homes and condo's to choose both for sale and for lease.  Buyers and tenants have choice. And the weather other than being cold has cooperated with not too much snow. 

Year over year the sales numbers are down 41% to 136 sales compared to 192 sales a year ago.

Here is the breakdown by housing style;

                                           2024                       2025                    % change

Detached 2-storey             $2195757              $1962472                  -12

Det bungalows                  $1359571              $1410000                   +4

Det Split Level                   $1390000              $1979259                   +42

Condo Apartments            $785400                $790560                     +1/2

Condo THs                        $856333                $1256000                   +46

Freehold THs                     $1141667              $1243906                  +9

Semi-Detached                  $1156412               $1227333                  +6

Stacked THs                      $725000                 $681600                    -6

As you can see most of the categories have seen increases.

We also saw a 25 basis point reduction in the overnight rate which will benefit lines of credits holders and variable rate mortgages.  In addition, the change in power in the United States with President Trump taking over from Joe Biden comes with his proposed tariffs implementation.  And that is partly why the Fed recently reduced interest rates to help keep future inflation in check.  It is hard to tell if President Trump will actually go ahead with these tariff plans or, is he actually bluffing?  General consensus says he will.  We shall soon see.

December 2024

HAPPY NEW YEAR!

And an excellent weather start to the year given our low snow volumes.

Interest rate seemed to have settled with the expectation of another quarter point cut coming soon.

Here's a closer look at how the year over year average sales numbers fared;

       Type                              December 2024                    December 2023.     % change

Det 2-storey                           $2,310,340                           $2,447,820                - 6

Bungalows                             $1,505,875                           $1,565,815                - 4

Split Level                             $1,385,750                           $1,360,750                + 2

Semi-Det                               $1,040,667                            $1,485,286               - 43

Link                                       $1,059,000                            $1,181,000               - 11 

Freehold THs                        $1,184,026                             $1,165,379               + 2

Condo THs                            $841,571                                $771,000                  + 9

Condo Apts                           $666,294                                 $711,952                  - 7

Stacked THs                          $644,000                                 $675,500                 - 5

As you can see prices are down for more property types than up, with the majority of the percentage changes falling in the single digit range.   Prices are generally holding and did indicate a relatively stable selling price over the past twelve months.

There are currently 65 homes for sale above the $3mm mark with the highest asking price not too far below 30 million dollars.  Some of these homes are up for rent as well as for sale. In December 2024 10 properties sold above  $3,000,000 compared to 9 in December 2023.

At the moment we have 231 properties for sale and 139 for lease.

With President Trump coming into power later this month and the likelihood of a new Canadian government forming by the Spring it will be interesting to see what affect that this will have on real estate.

Stay tuned!