Thursday, December 1, 2011

November 2011

There were a respectable 222 sales during November and 59 rental sales. The average time to sell & rent was 35 & 23 days, respectively. The 35 days on market is better than a year when it took 5 days longer but about a week slower than this October's 27 days.

The average price for a detached 2-storey home was $775,000. That is down $20,000 from this October and almost $40,000 or, about 5.50% from a year ago. 16 homes sold above one million dollars w/14 of those selling below $1.6 million with only one sale above $2,000,000 which went for $2,300,000. The ultra luxury market segment, those homes selling above 1.8 million dollars has been extremely quiet.

The 222 sales during the month were up about 10% from Nov '2010's 201 sales but lower than this October's 263 sales. Volumes do trend lower as we approach the holiday season. Considering Europe's financial distress and gloomy news prices are holding up well and volumes, save for the ultra luxury segment, are very good.

Five year mortgage money can be had at 3.39% almost 2 points below the bank posted rates while comparable variable term mortgage money costs about 2.90%. The Canadian bank prime rate remains at a low 3% and as you may know expected to remain low as per the economic short to mid term forecast.