Tuesday, March 1, 2022

February 2022

Interesting times with interest rate hikes likely starting tomorrow and war between Russia and the Ukraine.  It's hard to say what impact that will have on us and the rest of the world, but it looks to be a negative one.

In the meantime, our market has remained strong and prices are still high. 

The detached 2-storey home price although up year over year by 30% has dropped slightly month over month from this January by 5% to $2535000.

We are seeing more properties who attempt to acquire multiple bids fail in their attempt.  And those homes where the seller and agent felt that their asking price was below market/listed very sharply have had to increase their list prices. Not always a good thing and this combined with the slight drop in price could be the beginning of a shift to a more balanced market. 

The ultra luxury segment, those's above $4,000,000 saw 8 sales during the month with the highest selling for $11,500,000.   In addition, there were 9 sales between three and four million dollars.

The rental market was reasonably active with 77 transactions ranging from $1950 a month for an older 644SF apartment and $9050/mth for a trendy lakefront townhouse.