Sales volumes were up 15% over April and there seems to be more activity in the market with more homes and apartments being shown. This trend is likely to continue.
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The average sale price for a detached 2-storey home was $1,505,000. This is down 6.5% from April 2020 and up 14% from a year ago.
Most properties on average took less than a month to sell.
The number of sales is still is still very low. Volumes for both resale and rentals were down 60% compared to May 2019. I expect to see an increase in supply with the warm weather.
Tuesday, June 2, 2020
Monday, May 4, 2020
April 2020
The shadow of the Coronavirus has been felt in sales volumes. The number of properties which sold or rented both fell 70% year over year.
The good news is for sale property selling prices have been holding and are up slightly from March 2020. The average price for a detached 2-storey home edged up a 1/2 point to $1,604,000 and was up 12% from April 2019. Seller's needed about 26 days to sell their properties which is pretty quick.
And surprisingly there were a few multiple Offer transactions!
The same hasn't been the case for rental properties. With many tenants losing work and landlords losing income, the rental rates have been dropping. And some tenants have been breaking their leases to acquire cheaper alternatives or, move to a better building locations/larger spaces closer to work. Lease rates are off approximately 10% and may continue to fall further. As a result of this we may see an influx of existing condo apartment rentals come to market for sale, as investors start to sell.
The good news is for sale property selling prices have been holding and are up slightly from March 2020. The average price for a detached 2-storey home edged up a 1/2 point to $1,604,000 and was up 12% from April 2019. Seller's needed about 26 days to sell their properties which is pretty quick.
And surprisingly there were a few multiple Offer transactions!
The same hasn't been the case for rental properties. With many tenants losing work and landlords losing income, the rental rates have been dropping. And some tenants have been breaking their leases to acquire cheaper alternatives or, move to a better building locations/larger spaces closer to work. Lease rates are off approximately 10% and may continue to fall further. As a result of this we may see an influx of existing condo apartment rentals come to market for sale, as investors start to sell.
Sunday, April 5, 2020
March 2020
The hot market which started earlier this year slowed just after the middle of March over concerns of the Coronavirus. And rightly so. Real Estate has been deemed an essential service in Ontario so business continues albeit under strict showing protocol.
The Bank of Canada reduced the bank rate again however, chartered banks have not passed along any savings to their mortgage consumer clients. It has also made it difficult for seniors many of whom invest in GICs. Those investments earn very little at this time, and as higher yeilding GICs mature for rollover many seniors will feel the pinch.
The average price of a detached 2-storey home was a more than reeprctable $1597000 up almost 14% from the first quarter of 2019 and down about 6% from February 2020 extraordinary average.
$1.6 million is a healthy average. Volumes were down about 10%. Again not too bad all things considered.
The rental market had light volumes and will likely stay that way until things get back to normal. Most tenants contemplating a move will likely stay put unless it is absolutely necessary. And of course many landlords will experience some defaults in payment due to job losses.
So business as usual for real estate for now unless further direction comes from the Government and Health Canada.
The Bank of Canada reduced the bank rate again however, chartered banks have not passed along any savings to their mortgage consumer clients. It has also made it difficult for seniors many of whom invest in GICs. Those investments earn very little at this time, and as higher yeilding GICs mature for rollover many seniors will feel the pinch.
The average price of a detached 2-storey home was a more than reeprctable $1597000 up almost 14% from the first quarter of 2019 and down about 6% from February 2020 extraordinary average.
$1.6 million is a healthy average. Volumes were down about 10%. Again not too bad all things considered.
The rental market had light volumes and will likely stay that way until things get back to normal. Most tenants contemplating a move will likely stay put unless it is absolutely necessary. And of course many landlords will experience some defaults in payment due to job losses.
So business as usual for real estate for now unless further direction comes from the Government and Health Canada.
Monday, March 2, 2020
February 2020
The market is back! Very hot and similar to the first quarter of 2017 with several multiple Offer sales transactions.
This February saw 20 sales greater than $2,000,000 with the highest sale going for $9.4 million! This of course inflates the average price for a detached 2-storey home to almost $1.7 million or, more specifically $1,696,000. That's up 25% from last February's $1,353,000 average sale price and this January's $1,350,000. And the time it takes to sell a home has been cut in half to 16 days.
Sales volumes have increased dramatically as well to 300 from 196. Up over 50%! Mind you we had 1 extra day with February 2020 being a leap year.
It also looks like there may be a rate cut coming soon and it may be as much as 1/2 a point. So that should spur on more activity.
So far the Coronavirus has not seemed to impact our Canadian housing market. It has however, effected China's housing market and North American stock market indices. This may likely cause a slow down in our real estate market if consumers portfolios continue to drop in value (on a paper basis) and decisions to move are shelved. Will have to wait and see.
Boomers anticipating a lifestyle change move will likely go ahead with their plans.
This February saw 20 sales greater than $2,000,000 with the highest sale going for $9.4 million! This of course inflates the average price for a detached 2-storey home to almost $1.7 million or, more specifically $1,696,000. That's up 25% from last February's $1,353,000 average sale price and this January's $1,350,000. And the time it takes to sell a home has been cut in half to 16 days.
Sales volumes have increased dramatically as well to 300 from 196. Up over 50%! Mind you we had 1 extra day with February 2020 being a leap year.
It also looks like there may be a rate cut coming soon and it may be as much as 1/2 a point. So that should spur on more activity.
So far the Coronavirus has not seemed to impact our Canadian housing market. It has however, effected China's housing market and North American stock market indices. This may likely cause a slow down in our real estate market if consumers portfolios continue to drop in value (on a paper basis) and decisions to move are shelved. Will have to wait and see.
Boomers anticipating a lifestyle change move will likely go ahead with their plans.
Sunday, February 2, 2020
January 2020
Welcome to a new decade! Let's hope for things to improve.
Prices are essentially flat year over year. Detached 2-storey homes for example sold for and average price of $1350000 down slightly from January 2019's $1356000. 2-storey selling prices had gone up to $1374000 during the 4th quarter of 2019 so there was positive price movement in 2019. The average time it took to sell a home was up 3 days to 42. Also not that many homes were (sold) closed this January compared to last January. However, a number of homes sold during the month that will close over the next few months. In many cases these homes were relisted at lower prices after being on the market for several months last year at a higher price and not selling. So it is nice to see the new life in the market this year. There were 56 pending detached 2-storey homes sold in January 2020. 51 sold over $1000000 and 14 sold over $2000000.
Volumes are still low, as is inventory/supply but we are starting to see more homes come to market. Not surprisingly when a home that appeals to the masses comes along we see multiple Offers.
I expect the market to become more active with more listings and sales. There are alot of buyers shopping around. You see them when a new listing hits the market, when you are out showing a home and another agent is also showing the same home at the same time, and at open houses. It looks like this Spring and the months leading up to it will be very busy.
On the rental side there were 97 sales closed in January compared to 174 a year ago, down 80%. Given the overall low sales volumes that is still a healthy number. In a few instances the owner was unable to sell a new luxury home and had to resort to renting it out until prices increase.
Interest rates are still very attractive and low. Banks are offering 5 year rates not much higher than shorter term money (about 30 basis points) which tells you they are not foreseeing any immediate major increases to the prime lending rate and are looking to secure more longer term mortgages to increase their profit margins.
Prices are essentially flat year over year. Detached 2-storey homes for example sold for and average price of $1350000 down slightly from January 2019's $1356000. 2-storey selling prices had gone up to $1374000 during the 4th quarter of 2019 so there was positive price movement in 2019. The average time it took to sell a home was up 3 days to 42. Also not that many homes were (sold) closed this January compared to last January. However, a number of homes sold during the month that will close over the next few months. In many cases these homes were relisted at lower prices after being on the market for several months last year at a higher price and not selling. So it is nice to see the new life in the market this year. There were 56 pending detached 2-storey homes sold in January 2020. 51 sold over $1000000 and 14 sold over $2000000.
Volumes are still low, as is inventory/supply but we are starting to see more homes come to market. Not surprisingly when a home that appeals to the masses comes along we see multiple Offers.
I expect the market to become more active with more listings and sales. There are alot of buyers shopping around. You see them when a new listing hits the market, when you are out showing a home and another agent is also showing the same home at the same time, and at open houses. It looks like this Spring and the months leading up to it will be very busy.
On the rental side there were 97 sales closed in January compared to 174 a year ago, down 80%. Given the overall low sales volumes that is still a healthy number. In a few instances the owner was unable to sell a new luxury home and had to resort to renting it out until prices increase.
Interest rates are still very attractive and low. Banks are offering 5 year rates not much higher than shorter term money (about 30 basis points) which tells you they are not foreseeing any immediate major increases to the prime lending rate and are looking to secure more longer term mortgages to increase their profit margins.
Wednesday, January 1, 2020
4th Quarter 2019
The average sale price for a detached 2-storey home was $1374000 and it took 39 days on average to sell a home during this quarter. That is the lowest 4th quarter average selling price over the last 2 years when they sold for $1646000 and $1476000 in 2018 & 2017, respectively. Those average days on market were 37 and 30.
Condo apartment average selling price was $520514 which is down from last year's $535000 and up from 2017's $492000. Similarly detached bungalows sold for $989571 down from $1018000 and $1268000 when compared to 2018 and 2017.
Sales volumes improve to 376 this quarter from last years 248, for all types of housing, but are still down from 2017's 549 sales.
The rental market has show some strength with 432 properties rented compared to 2018's 260.
Here's hoping the economy for 2020 will experience positive price growth with the continued low interest rate environment, a brand new decade to look forward to and the expected settling down of the political and economic policy.
Condo apartment average selling price was $520514 which is down from last year's $535000 and up from 2017's $492000. Similarly detached bungalows sold for $989571 down from $1018000 and $1268000 when compared to 2018 and 2017.
Sales volumes improve to 376 this quarter from last years 248, for all types of housing, but are still down from 2017's 549 sales.
The rental market has show some strength with 432 properties rented compared to 2018's 260.
Here's hoping the economy for 2020 will experience positive price growth with the continued low interest rate environment, a brand new decade to look forward to and the expected settling down of the political and economic policy.
Wednesday, October 16, 2019
3rd Quarter 2019
There are 35% more homes/THs and apts on the mkt than there were at this time last year.
858 compared to 636.
Of those 70% are listed at a million dollars or more. Here is the breakdown;
$4000000+ 35
$3-$4mm 40
$2-$3mm 134
$1-$@mm 387
198 properties sold for $1,000,000 or more during this quarter.
The average price of a detached 2-storey homes was $1387600 down 8.5% from last years $1505000 average. Don't be alarmed by that as the mix of price points varies from year to year.
The average price of a detached bungalow was $955,700 up 5% from an average of $912000 last year. Sidesplits fared a little better with an average sale price of $1074000.
The rental market has 253 properties available for lease ranging from a modern 2-storey in Southeast Oakville which is asking $14000/mth to $1600 for an upstairs apt in a low rise building in Bronte.
Many Seller's are experiencing low activity from potential buyer's for open house activity and showings and this is testing their patience.
858 compared to 636.
Of those 70% are listed at a million dollars or more. Here is the breakdown;
$4000000+ 35
$3-$4mm 40
$2-$3mm 134
$1-$@mm 387
198 properties sold for $1,000,000 or more during this quarter.
The average price of a detached 2-storey homes was $1387600 down 8.5% from last years $1505000 average. Don't be alarmed by that as the mix of price points varies from year to year.
The average price of a detached bungalow was $955,700 up 5% from an average of $912000 last year. Sidesplits fared a little better with an average sale price of $1074000.
The rental market has 253 properties available for lease ranging from a modern 2-storey in Southeast Oakville which is asking $14000/mth to $1600 for an upstairs apt in a low rise building in Bronte.
Many Seller's are experiencing low activity from potential buyer's for open house activity and showings and this is testing their patience.
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