The market has been extraordinary, in particular over the last 4 months with many multiple offer sales occurring right through to the end of November.
There's no question that the mood and traffic has improved with the news of the coming vaccine. Also many bond/GIC investors have moved maturing proceeds into real estate to improve on the current low yields in the bond market.
The average price of a detached 2 storey home was $1,782,000 up 25% from a year ago and 7% from October. The number of sales was up 30% year over year and the ultra-luxury segment was strong (homes > $3MM)
Bungalow sales prices and volumes remained flat with an average sale price of $1,140,000. Sidesplits and backsplits sold on average for $1,342,000 up 38% from 2019. There were 10 sales, same as last year. Like bungalow properties, many of those were purchased for their generous lot sizes and redevelopment. Condo apartments were up 8% to $610,000 with about the same number of sale. Freehold and Condo townhomes were each up 15% with average selling prices of $882,000 and $721,000 respectively while semi-detached homes jump 22% to $954,000.
The rental market was relatively active for this time of the year with 149 leases up from 130 ranging in lease price from $1,650/mth to $12,000/mth. Tenants also pay the utilities.
At the moment there are 416 homes and condos for sale, down from 600 last month. Stay tuned to see what unfolds early next year!
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