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.