Sunday, April 2, 2023

March 2023

March saw several multiple Offer sales transactions take place which boosted the average sale price for a detached 2-storey to be almost $2.3mm ($2,294,380), and in a very quick 20 days!  That's up 4% over February 2023 average sale price and down 18% from the peak pricing of March 2022.  There were 52 sales above $2,000,000 18 of which were above $3,000,000.  So prices are trending upwards and are a welcome surprise given the global economic environment.

Bungalows were up year over year by almost 12% to and average sale price of $1925411.  This activity was definitely not anticipated. So if you are contemplating selling the Spring market looks to impress.

The rental market was also active and with a few multiple bids as well and 94 properties leasing. They ranged in price form $2100/mth for a small 1 bedroom apartment in Westmount with 1 parking space to $10,750/mth for a Southwest Oakville executive home South of Lakeshore Road.

I expect this active market to continue for April and May and many sellers will benefit.