Ah summer is finally here and so far sales activity has been decent with 77 of the 184 sales in June selling in a week or less. The average time it took to sell was 17 days the same as last month and still pretty brisk. Sales volumes were similar to last year when 176 properties changed hands.
The average price of a detached 2-storey homes was $2,218,575 up 2.5% from a year ago and 2% from last month. Bungalows sold for $1,669,000 down 1.5% while Freehold and condominium THs sold for $1,163,000 and $1,243,519, up 34% and 8%, respectively. Semi-detached homes sold for $$1,310,200 up 21%. Condo apartments sold for $794,455 down almost 10% from $872,360. Two June 2022 sales over $2,000,000 attributed to this change.
Most sellers coming to market are not trying to create an auction but rather are trying to price their homes at the market while allowing 24 or 48 hours for the seller to reply to any offers. This strategy can result in multiple bids. The last thing you want to do is have to raise the asking price after a failed auction attempt at a lower price.
The lease market is quite robust with prices up year over year. The number of sales were halved with 51 properties renting. Last year 104 rented. Investors are certainly pleased with the increase returns they are making.
Interest rates will likely increase another 25 basis points later this month and that along with the normally slow summer time period should soften activity.
