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!
