It appears that the real estate frenzy will continue at least into the first quarter of 2021.
We have already seen properties come to market this month (Jan' 21) and sell over asking in just hours/a few days. Hard to believe especially given COVID-19 showing restrictions, no public open house...
Year over year for December we saw the average price for a detached 2-storey home rise to $1,817,000 or 23%. Other types of homes performed as follows;
Detached bungalows went up 11% to $1,393,000
Back/Sidesplits were up 3% to $1,242,000
Condo apts went up 35% to $768,000
Condo THs were up 5% to $774,000
Freehold THs went up 14% to $882,000 while one semi-detached home sold for $1150000.
At the moment inventory remains light with 202 properties and condos for sale (active listings) and a good 25% of those are asking over $3,000,000. The ultra luxury sector continues to be quite active.
Residential easing activity is down as many renters try to get into the market and buy something.
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