It's nice to know that some seller's are getting their homes sold quickly and a few of them are receiving multiple offers.
The average time it took to sell a property was 26 days however, many went in under 2 weeks.
The average sale price for a detached 2-storey home was $1,866,655. That's down 19% from a year ago but when you recall that October's 2020's average was 33% lower than that (October 2021) and take into account our current economic climate, things are not so bad. Almost $1.9mm, nothing to complain about. Also there were only 4 homes above $3mm that sold compared to 13 a year ago.
The rental market was quite busy with 63 transactions ranging from $2500/mth for an uptown townhome to $16000/mth for a Southeast new build.
Financing is on most consumers radar and we can look for a bump of perhaps another 50 basis points on December 7th. Right now most mortgage money is costing around 6% and for those with home equity lines of credit (HELOC's) they are paying 6.45% interest, a half point above the prime lending rate. That's more than double the carrying cost from the first quarter of 2022.
Semi detached sales averaged $1050000, freehold townhomes $1186176, condo townhome and apartments went for $1053000 and 899652, respectively.
Only one bungalow closed during the month and it sold for $3050000.
There are 348 properties presently for sale.
