We are still experiencing a shortage of listings. Case in point there were 123 sales this January compared to 167 a year ago. That's over 35% less!
The good news is prices continue to outperform most of the earlier predictions with the average price for a detached 2-storey home just shy of a million at $999,000. And that does not distinguish between 3, 4 or 5 bedroom homes or, single versus double/triple garages. Just calculated on all detached 2-storey homes.
A year ago that average was $886,000, almost 13% lower! And many economists thought prices were going to flat-line in 2013. Based on the number of multiple Offer sales this January it looks like the first quarter will remain very HOT!!!
The lower sales volume effected all types of homes, including the luxury market where we saw only 12 sales compared to 21 a year ago.
As well, the rental market had 41 leases compared to 68 a year ago.
The good news though is homes and condo's are selling quickly at 33 days on average.
The average detached bungalow sold for $$720,000 up from $650,000 while condo apartments sold for $$449,000 up from $300,000.
Financing remains very attractive and is expected to continue that way through to 2015 with the 5 fixed year rate running at low as 3.39% & 5 year variable at 2.55%. In fact there could be further rate reductions.
