The multiple offer strategy started to wain during the month as a number of those sellers who were attempting to attract multiple bids were unsuccessful. Many buyers are fed up and frustrated with finding themselves on the wrong side of their multiple bid attempts.
More and more sellers are willing to look at offers right away and are doing their best with their agents to price their properties at the market. There is a definite indication that we are headed to a more balance market and it will likely arrive sooner than later as the market normally quiets down for the summer.
The average price for a detached 2-storey home was $1903000 down 1% from April 2021 (so relatively flat) and up 26% from May 2020. Freehold and condo THs average sale prices were up $1106000 and $881000, up 4% and 12% from a year ago. Condo apartments were also up 8% to an average sale price of $666000.
The rental market was busy with 168 transaction most of which went for their asking price with a few attracting multiple bids and going above the asking rent.
The new mortgage stress test is now in effect and it may make it a little more difficult for some buyers to acquire a property. At least there are cooling off signs and some calmness in the market to give some buyers more hope that they can buy something without competing for it.
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