Hello again.
We still have a variety of choice for both leasing and purchasing with 632 properties for lease and approximately 1,350 homes and condos for sale.
September sales were up year over year with 182 properties changing hands but down slightly from this August. The lease market was also very busy with 390 homes and condos rented.
Prices on the other hand were down from a year ago pretty much across the board no matter what home style. Bungalows and Freehold THs were the exception. Case in point: detached 2-storey homes went up in sales volume from 40 to 69 but the average sale price fell significantly from approximately $2,400,000 to below $1.9mm. Most of that drop is associated with the fact that more lower value homes happen to transact rather than prices falling. Of course economic dismal news and tariff effect were in the mix as well. Noteworthy we have only fallen below the $2,000,000 average mark for detached 2-storey homes a handful of months over the past three years. Most of the time we have been above that threshold. In addition, interest rate cuts so far haven't had the positive effect on pricing as one would expect. We will see what happens at the end of October when the next rate cut is expected.
Here's how the sales averages ended up for September base on property type;
Detached 2-storey. $1,875,304
Bungalows $1,303,400
Split level $1,471,750
Semi-detached. no transactions
Linked homes $980,000
Freehold THs $1,089,032
Condo THs $820,923
Condo Apartments $595,200
Stacked THs $632,667
Perhaps October's sales activity will show signs of an improving market. Stay tuned!
