From the outset it appears that home prices should gain some traction this year. Many homes and apartments that were lingering on the market since last Fall have been selling this year. There is definitely steam in the market with increased showings and increased sales. A number of properties that were listed or, re-listed in January, sold in January. Also a number were for older building and larger condo apartments which typically are picked up by seniors.
Interest rates have settled and will likely start to go down by Q4 this year or Q1 next year. New job data has risen relative to recent years, unemployment remains low and immigration is steady.
Here's a closer look at the year over year average numbers;
January 2024 January 2023. % Change
Det 2-Storey $2195737 $1854938. +18
D Bung $1359571 $1341500. + 1
D Split level $1390000 $1502500. - 8
Semi-Det $1156412 $1096500. +5
F - TH $1141667 $923500. +23
C - TH $856333 $866300. - 1
C - Apts $785400 $1460167 -86*
* 2 Ultra luxury condo sale totalling $8.3mm skewed the numbers. The current average sale price is more normal.
As you can see most housing styles are up, as are the number of sales volumes with 95 this January compared to 84 a year ago. With an extra day in February this trend should continue.
At the moment we have 248 properties available for sale and 123 for lease. So there is some choice. Expect the for sale numbers to increase as we journey out of Winter into Spring.
As always feel free to reach out with any of your questions 905-330-9197.
HAPPY NEW YEAR!
