The extreme Seller's market continues.
This February saw 40% more sales over last year and an average detached 2-storey home selling price of $1946500, up almost 15%. And the time it took to sell was a quick 10 days. Most homes sold in under 7 days. There has never been anything like this in my 25 years of selling real estate. Incredible for Seller's and a nightmare for buyer's who have to compete for every property they try to acquire with several other buyer's.
The selling frenzy seems to be country wide. I hear of multiple Offers out East and out West.
The rental market is also busy as those who elect to sell before buying may end up having to rent for awhile. And that may not be a bad option if you are of the mind that a price correction may come at some point.
With low rate, people wanting more space and safety it looks like this trend may continue for a few more months.
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