Thursday, September 2, 2021

August 2021

There is not much to add these days.  Inventory remains light with just 105 properties available for sale.

The market is still very active and prices which seemed to have flattened over the summer and maybe were even off a couple of points are still healthy when compared to a year ago.  Detached 2-storey and bungalows were up almost 35% to $2,284,395 and $1,640,333, respectively.  And the time it took to sell them was for days faster at 14 days.  So seller's are still in the driver's seat.

There were 96 rental properties leased down from 100 this July and up from 30 in August 2020.

Expect this Seller's market to continue this fall.

Monday, August 2, 2021

July 2021

The average sale price for a detached 2-storey home this July was $2149000, up 14% over June 2021and 38% over July 2020.  Back to the Spring sales price levels.

Some seller's are still attracting multiple offers.  This is unusual for this time of year when most families are normally busy relaxing and vacationing. 

It took on average 2 weeks to sell a home.

Public open houses have once again returned as has a more normal lifestyle with restaurant dining...

Inventory is still light and that is aiding the existing seller's market. 

The rental market saw 100 properties get leased.

It looks like there will be no actual summer holiday time for many families.

Friday, July 2, 2021

June 2021

Seller's are still enjoying this very hot market.  More than half the sales in June attracted multiple Offers resulting in over asking selling prices.  A number of others sold for full price.  And it took 10 days to complete the sale, on average.

The average sales price for a 2 -storey detached home was $1,887,500 down slightly from May's $1,903,000 average but up 10% from June '2020 $1,717,000 average.  Sales volumes were down 10% year over year.

Buyers are still frustrated with the multiple bid offer strategy and would prefer Seller's to start pricing their homes at the market.  Some of these buyer's bidding are expecting to have a decent shot at acquiring the property at or, around the list price and are dismayed when being informed of the end result, often tens of thousands more.

Some seller's who were not successful in creating an auction find themselves initially raising their (below market) asking prices and then reducing them later on in order to attract a buyer.

It looks like June's momentum will continue well into July.  Stay tuned!

Wednesday, June 2, 2021

May 2021

The multiple offer strategy started to wain during the month as a number of those sellers who were attempting to attract multiple bids were unsuccessful.  Many buyers are fed up and frustrated with finding themselves on the wrong side of their multiple bid attempts. 

More and more sellers are willing to look at offers right away and are doing their best with their agents to price their properties at the market.  There is a definite indication that we are headed to a more balance market and it will likely arrive sooner than later as the market normally quiets down for the summer.

The average price for a detached 2-storey home was $1903000 down 1% from April 2021 (so relatively flat) and up 26% from May 2020.  Freehold and condo THs average sale prices were up $1106000 and $881000, up 4% and 12% from a year ago. Condo apartments were also up 8% to an average sale price of $666000.

The rental market was busy with 168 transaction most of which went for their asking price with a few attracting multiple bids and going above the asking rent.

The new mortgage stress test is now in effect and it may make it a little more difficult for some buyers to acquire a property.  At least there are cooling off signs and some calmness in the market to give some buyers more hope that they can buy something without competing for it.

Saturday, May 1, 2021

April 2021

Most homes sold quickly on average in about a week and a half.  Many of them had multiple bids.  But like we started to see in March some seller's who attempted to auction their properties were not successful and some may still be trying to sell their homes.

Quick selling homes tend to be in pristine condition (move in ready) are in popular locations, well priced and offer (some) WOW factor.

The average price of a detached 2-storey home sold for $1923000, while still a healthy number, it was down 5% from March's average sale price. 

Showing traffic was lower as well and likely attributed to the Covid-19 lockdown which started mid month. 

The average sale price of a detached bungalow was $1427000.  Freehold and condo townhomes sold for $106500 and $792,000, respectively.

The rental market was active with 155 transactions ranging in price from $1780-$8000/mth.

This current trend will likely continue through to June

Sunday, April 4, 2021

March 2021

Buyers are starting to become weary of the multiple offer process on the properties they are trying to buy.  So much so that a number of seller's who have attempted to obtain multiple bids have been unsuccessful. In those circumstances many seller's have had to increase their asking price and wait for the right offer to surface.  Suggesting a tendency towards a more balanced market.  And as a result, some homes are receiving less traffic.  The April lockdown will not ease their predicament either.

We are still seeing a lot of migration from the GTA to smaller cities and rural locations mostly within an hour of Metropolitan Toronto.  More house and land for often 1/2 the price seems to be the recipe many families are after.

Still March was active matching January's average detached 2-storey selling price of over $2,000,000, and up 4% from February's $1,946,500 average cost.  Sales volumes more that doubled year over year and the average time it took to sell was less than 2 weeks.

The rental market was also very active with 181 transactions ranging in price from $1750/mth for a small condo apt to over $15,000/mth for an executive home.

Everyone wants to know how long this trend will continue and of course nobody knows for sure, but some experts believe the price growth this year may reach approximately 8% with another 4% in 2022.

Monday, March 1, 2021

Februray 2021

The extreme Seller's market continues.  

This February saw 40% more sales over last year and an average detached 2-storey home selling price of $1946500, up almost 15%.  And the time it took to sell was a quick 10 days.  Most homes sold in under 7 days.  There has never been anything like this in my 25 years of selling real estate. Incredible for Seller's and a nightmare for buyer's who have to compete for every property they try to acquire with several other buyer's.

The selling frenzy seems to be country wide.  I hear of multiple Offers out East and out West.

The rental market is also busy as those who elect to sell before buying may end up having to rent for awhile.  And that may not be a bad option if you are of the mind that a price correction may come at some point.

With low rate, people wanting more space and safety it looks like this trend may continue for a few more months.