The tight market continues benefiting sellers more so than buyers and most properties are selling in just over 2 weeks on average or, 17 days. 226 properties were sold and 293 are currently available.
Detached 2-storey homes sold for just under $2.2mm ($2178198) that's up from just under $2mm a year ago or, almost 10%. When compared to April 2022 when the average selling price was $2419700 we are down 11% and also down 7% from this April 2023's $2322553 average.
Bungalows averaged $1696286 up slightly from may 2022's $1658333
The ultra luxury segment saw 13 homes sell at or above $3mm so that price point activity continues.
Rentals transactions were not as active as a year ago with 51 leases versus 73 however, more than half of those leased in a week or less, and went for full asking price. Not as many multiple bids as we have recently seen this year.
The low unemployment rate high immigration numbers and limited resale listings as well as limited new home construction are all keeping the market expensive for buyers and good for sellers.
Expect activity to wain further over the summer months as it normally does and if we see another interest rate increase in the next month or so that should make the summer market quite soft.
