May 2025

Welcome!

President Trump is still having fun with his on again off again tariff threats.  Even so a number of families have ignored his daily antics and have continued on with their own lives and housing requirements which has resulted in a reasonably active month.  And May is historically the time of the year for action in real estate.

Here's the year over year breakdown of sales activity based on type of housing.

                                       May 2024                            May 2025                       Apprx % Change

 

Detached 2-storey          $2125653                            $2032765                                 -5

Bungalows                     $1495750                            $1376900                                 -8

Split level homes           $1561833                            $1647857                                 +5

Semi-Detached              $1145000                            $1089500                                 -5

Linked homes                no mthly sales                    $1358500

Freehold THs                $1297389                            $1169048                                  -11

Condo THs                    $877333                              $789757                                    -11

Stacked THs                  $750000                              $684889                                    -10

Condo Apts                    $835444                              $794150                                    -5

Notwithstanding the above changes we saw a number of properties come to market during the month and sell.  So that is good news!  

The ultra luxury segment (properties listed at or above $3,000,000) had 14 sales.  The highest sold above ten million.  It had been on the market for over a year and the seller had to reduced their asking price a few times.

With interest rates recently holding there will be difficult times ahead for those about to renew their existing low interest rate mortgages.  Some families will have to cut back on their spending in order to hang onto their homes. 

At the moment there are 493 properties for sale and 375 for lease.  

May saw 19 leases completed all between $1900/mth and $3000/mth, which is in the lower end of the leasing scale.   Most detached homes tend to rent well above $4000/mth.

Expect June to be fairly active given the late Spring we have had to endure.

Be well and stay safe.