This second calendar quarter for 2016 had numerous multiple offer bids which led to record pricing across the housing sector and excellent results for Seller's. Not to mention quick sales.
The average price of a detached 2-storey home was $1,300,000. A detached bungalow came in about 20% cheaper at $1,090,000. Condo apartments averaged out at $745,000. It has certainly been a tough go for buyer's as they were competing against several bids in many instances.
Many of the transactions were from foreign buyer's, in particular, investors from China. And there doesn't seemed to be much let up in the forecast as interest remain at record lows and employment is steady.
The rental market was equally busy with 239 leases during the period. Detached homes rented on average for $3200/mth while townhomes and condo apartments rented for $2300 & $2000/mth on average, respectively.
The market should slow somewhat now that we are in prime time vacation mode.
