This excellent seller's market continues at the expense of some very frustrated buyer's.
The average sale price for a detached 2-storey home was $2,224,829 down about a point and a half month over month however, up 33% year over year. Bungalows were off about 2% month over month at an average sale price of $1,757,640.
The ultra luxury market (> $3MM) saw 13 homes close in October at an average sale price of $4.5mm.
The time it tool to sell was just under 2 weeks which supports the majority of seller's success when they price their homes sharply to attract multiple bids. Some seller's however, end up having to adjust their asking price usually upwards when the auction attempt doesn't work.
Financing is edging up but still very attractive. Look for a bump in rates next April.
This November will likely be a strong month given the low inventory and number of house hunters trying to find something before interest rates start to creep up.
