January 2021

Owners who have sold recently are very happy because they are selling their homes quickly, often with multiple bids and they are getting incredible prices.  With continued low interest rates, extremely low inventory and the trend for more space due to COVID-19 with many people working from home the frenzy looks to continue.

Buyers on the other hand are becoming frustrated with having to pay these high prices and competing with the thousand of other families trying to make a similar move.

January detached 2-storey homes sales averaged was an incredible $2,059,000.  This high number is the result of the very active luxury home sales market, those above $3,000,000.

December 2020

It appears that the real estate frenzy will continue at least into the first quarter of 2021.

We have already seen properties come to market this month (Jan' 21) and sell over asking in just hours/a few days.  Hard to believe especially given COVID-19 showing restrictions, no public open house...

Year over year for December we saw the average price for a detached 2-storey home rise to $1,817,000 or 23%.  Other types of homes performed as follows;

Detached bungalows went up 11% to $1,393,000

Back/Sidesplits were up 3% to $1,242,000

Condo apts went up 35% to $768,000

Condo THs were up 5% to $774,000

Freehold THs went up 14% to $882,000 while one semi-detached home sold for $1150000.

At the moment inventory remains light with 202 properties and condos for sale (active listings) and a good 25% of those are asking over $3,000,000. The ultra luxury sector continues to be quite active.

Residential easing activity is down as many renters try to get into the market and buy something. 

November 2020

The market has been extraordinary, in particular over the last 4 months with many multiple offer sales occurring right through to the end of November. 

There's no question that the mood and traffic has improved with the news of the coming vaccine.  Also many bond/GIC investors have moved maturing proceeds into real estate to improve on the current low yields in the bond market.

The average price of a detached 2 storey home was $1,782,000 up 25% from a year ago and 7% from October.  The number of sales was up 30% year over year and the ultra-luxury segment was strong  (homes > $3MM)

Bungalow sales prices and volumes remained flat with an average sale price of $1,140,000.   Sidesplits and backsplits sold on average for $1,342,000 up 38% from 2019.  There were 10 sales, same as last year. Like bungalow properties, many of those were purchased for their generous lot sizes and redevelopment.  Condo apartments were up 8% to $610,000 with about the same number of sale.  Freehold and Condo townhomes were each up 15% with average selling prices of $882,000 and $721,000 respectively while semi-detached homes jump 22% to $954,000.

The rental market was relatively active for this time of the year with 149 leases up from 130 ranging in lease price from $1,650/mth to $12,000/mth.  Tenants also pay the utilities.

At the moment there are 416 homes and condos for sale, down from 600 last month.  Stay tuned to see what unfolds early next year!

October 2020

As expected the hot market continued during October.

171 detached 2-storey homes sold during the month at an average price of $1667000 up 20% from October 2019's $1390000 average selling price, while sales volumes were up 40%.

The rental market activity was consistent with September 2020 with 29 properties renting.

Financing is slightly more attractive with 5 year mortgage money available at 1.79% and variable at 1.80%.  No wonder the market is so active.

Covid-19 has caused some apartment dwellers to return to lower density alternatives for added safety.

At the moment there are almost 600 homes and condo's on the market for sale giving buyer's a little more choice.

The majority of sales take less than 3 weeks, but as always, there are more than a few that languish and take months to sell.

It seems that this November will out perform last year's numbers.

 

September 2020

The real estate market is still sizzling and those homeowners who have decided to sell now continue to do extremely well.

The number of detached 2-storey home sales volume was up 37% (third quarter over third quarter) with 459 sales transactions.  The average detached 2-storey home sale price was up 15% from August '20 to $1948800. WOW!  The ultra luxury sector has contributed greatly to this extraordinary increase.

And of course homes continue to sell quickly, many in just a few days and with multiple bids. 

Mortgage financing remains very attractive and at historical lows with 5 year mortgage money and variable mortgages both available at 1.85%. 

Rental activity was quiet compared to other years with just 31 transactions during the month. The cheapest was $1500/mth for a basement apartment in Falgarwood.  The most expensive was $4900 for an executive home in Glen Abbey.

I think this activity will continue this month and will start to wind down in November.

The housing market is proving to be a good place to park your cash for many investors given the low yielding financial market product alternatives.

August 2020

The buying frenzy continued with many homes receiving multiple Offers, and sales volumes are way up year over year.  With of all of these multiple bids the time it takes to sell is approximately 21/2 weeks or, 18 days. That's pretty quick when you factor in that Offers with conditions take about a week to satisfy.

163 detached 2-storey homes sold during the month at an average price of $1693900. That's 67 more sales and a 14% sales price increase.  Essential almost $1.7 million compared to almost $1.5 million ($1480200 in 2019).  This August also saw a big jump from July 2020's $1455700 average price.

The rental market was softer with 30 transactions compared to 71 in August 2019.  Likely some tenants have decided to take the plunge and make a purchase rather than continue to rent.

Definitely the busiest August in my 24 years.  I expect this activity to continue this Fall.

July 2020

The average price of a detached 2-storey home was up just over a point to $1,455,700.  So prices really haven'y moved that much.  Sales volumes moved in concert with sales prices with 11 more  this July than July '2019's 141 2-storey home sales. A slight increase.

A number of homes have attracted multiple bids, selling quickly and above their asking prices.  These properties tend to be priced below $1,300,000.

The majority of homes priced above the $2,000,000 tend to languish on the market before finding a buyer and usually experience a few price reductions before finally selling.  A few though have sold quickly.

The average time it takes to sell a home is 24 days.  The market has been very busy for this time of the year (normally vacation time) with a lot of buyer's out looking.  We will see if this activity continues through August.