June's sales volumes was slightly stronger than a year ago. This June we saw 338 sales compared to 317 in 2014 so pretty much the same however there were 40% more homes/condo's that sold at or above $1,000,000. So that's significant! 83 versus 59.
That also helped the detached 2-storey sales market to have an average sale price of $1,144,000. A year ago it was $1,032,000.
When you compare sales volumes for the first 6 months the trend is still almost the same. In 2015 there were 1685 sales and in 2014 1666 sales. And home sales volumes for homes & condo's selling at or above a million dollars rose 25% for the first half of the year. 390 versus 313.
The rental market is a little bit lower with 76 sales this June compared to 87 a year ago.
Financing remains very attractive with 5 year mortgage money offered as low as 2.54% and 3 & 5 year variable mortgage money offered at 2.20% & 2.15%, respectively. Hard to beat!
Wednesday, July 1, 2015
Wednesday, April 1, 2015
Jan - Mar 2015
It's still a Seller's market. Sales volumes were a little higher the first quarter of 2015 compared to 2014 however they were slightly lower for detached 2-storey homes. And that has worked out just fine for Seller's as we saw a number of homes get multiple Offer's.
On paper, detached 2-storey home prices were up 4.5% to $1,078,000. The percentage could have been greater if the Ultra luxury market performed as well as it did during the first quarter of 2014. There were 45% more properties sell above the 2 million dollar mark for the first quarter period in 2014 which skewed the average price higher last year.
The condo apartment market sales volumes was about the same with most of the 68 sales selling for less than $500,000. Only 2 apartments sold above a million dollars during the quarter.
There was a significant spike in the rental market. Up 35% and likely attributed to the low resale sales inventory. Prospective buyer's continue to rent while waiting for more selection to hit the market.
Financing is still extremely attractive with 5 year money available at some banks below 2.40%.
On paper, detached 2-storey home prices were up 4.5% to $1,078,000. The percentage could have been greater if the Ultra luxury market performed as well as it did during the first quarter of 2014. There were 45% more properties sell above the 2 million dollar mark for the first quarter period in 2014 which skewed the average price higher last year.
The condo apartment market sales volumes was about the same with most of the 68 sales selling for less than $500,000. Only 2 apartments sold above a million dollars during the quarter.
There was a significant spike in the rental market. Up 35% and likely attributed to the low resale sales inventory. Prospective buyer's continue to rent while waiting for more selection to hit the market.
Financing is still extremely attractive with 5 year money available at some banks below 2.40%.
Wednesday, January 7, 2015
December 2014
Still a shortage of listings, case in point, sales volumes for December were off by 22%. On the year they were off 5%. So December was considerably light.
19 of the 101 December '14 sales sold above one million dollars. That was almost double for the same period in 2013 and resulted in the average price of a detached 2-storey to climb to over $1.1 million. During the year that averaged hovered above & below that threshold with most months reporting above the million dollar mark for detached 2-storey homes.
The rental market fared better in December '14 compared to December '13 with the number of sales increasing by 25%, but they were off on an annualized basis by 7.5%.
Seems that a number of families are deciding to stay put longer in their current homes & apartments rather than sell & buy something else. And many are finding that renovating is the more practical choice to make.
It also took a week longer to sell homes & condominiums during the month with the average sale taking about 40 days to complete the sale.
The lack of new inventory will help sale prices to maintain their lofty levels. However, the financial markets have taken a recent plunge with the drastic drop in oil prices and it will be interesting to see what that might do to the housing market as the year unfolds. Financing does remain very attractive!
19 of the 101 December '14 sales sold above one million dollars. That was almost double for the same period in 2013 and resulted in the average price of a detached 2-storey to climb to over $1.1 million. During the year that averaged hovered above & below that threshold with most months reporting above the million dollar mark for detached 2-storey homes.
The rental market fared better in December '14 compared to December '13 with the number of sales increasing by 25%, but they were off on an annualized basis by 7.5%.
Seems that a number of families are deciding to stay put longer in their current homes & apartments rather than sell & buy something else. And many are finding that renovating is the more practical choice to make.
It also took a week longer to sell homes & condominiums during the month with the average sale taking about 40 days to complete the sale.
The lack of new inventory will help sale prices to maintain their lofty levels. However, the financial markets have taken a recent plunge with the drastic drop in oil prices and it will be interesting to see what that might do to the housing market as the year unfolds. Financing does remain very attractive!
Sunday, November 2, 2014
October 2014
Sales were good this month with 221 sales taking place. The average price for a detached 2-storey home was $961,000 about 2% better than a year ago. Were you to factor in one very large sale for $14.2 million then the average price would rise above $1.1 million.
Lease sales were about the same as a year ago with 56 rental sales. The cheapest was for a 1BR 1 bathroom condo apt that went for $1400/mth while the most expensive went for $8,000/mth for a detached home in Southeast Oakville.
Here's a quick glance at the high end market over the last 4 years from January through to October.
$1-1.5M 1.5 - 2M 2-3M $3,000,000+ Total sales
2011 17 38 43 9 107
2012 21 255 65 16 357
2013 25 61 65 14 154
2014 30 8 5 2 45
Quite the reduction in 2014 upper end sales volumes! It's almost as if families are deciding to stay put and perhaps renovate. The stock market gyrations are likely adding to this course of action as well.
Financing remains cheap however, with the 5 year variable and closed rates available as low as 2,45% & 2.99%, respectively.
Lease sales were about the same as a year ago with 56 rental sales. The cheapest was for a 1BR 1 bathroom condo apt that went for $1400/mth while the most expensive went for $8,000/mth for a detached home in Southeast Oakville.
Here's a quick glance at the high end market over the last 4 years from January through to October.
$1-1.5M 1.5 - 2M 2-3M $3,000,000+ Total sales
2011 17 38 43 9 107
2012 21 255 65 16 357
2013 25 61 65 14 154
2014 30 8 5 2 45
Quite the reduction in 2014 upper end sales volumes! It's almost as if families are deciding to stay put and perhaps renovate. The stock market gyrations are likely adding to this course of action as well.
Financing remains cheap however, with the 5 year variable and closed rates available as low as 2,45% & 2.99%, respectively.
Friday, October 3, 2014
September 2014
September's sales volume fell 21% year over year however, the average price of a detached 2-storey home was up 20% to $1,094,000. The average price for a detached bungalow was $734,000 and the average price for a freehold TH was $559,000. Condo apartments & THs were $287,000 and $388,000, respectively.
Days on market (all types of housing) was 28 one day quicker that last year. Sales greater than one million dollars took about a week longer and there were 42 of those.
The rental market saw 52 leases during the month.
With the stock market starting to retreat it will be interesting to see how that impacts the housing market going forward. Already there seems to be a little back peddling in pricing and sales volumes seem to be lighter.
Days on market (all types of housing) was 28 one day quicker that last year. Sales greater than one million dollars took about a week longer and there were 42 of those.
The rental market saw 52 leases during the month.
With the stock market starting to retreat it will be interesting to see how that impacts the housing market going forward. Already there seems to be a little back peddling in pricing and sales volumes seem to be lighter.
Monday, August 4, 2014
July 2014
Quite an active month. July's activity was more like June's a which is understandable given the long cold winter we had. Buyer's started looking later and are still trying to lock up homes for the school year.
There were 249 sales during the month 50 of which sold above $1,000,000. Last July the sales volume was 33% less. The average price for a 2 storey home was a wopping $1,075,000 up 16% over a year ago. A detached bungalow in July wasn't cheap either with an average cost of $840,000 or, approximately 80% the cost of a 2 storey home.
Homes took 33 days to sell which is in line with a year ago and 78 rental properties changes hands.
There were 249 sales during the month 50 of which sold above $1,000,000. Last July the sales volume was 33% less. The average price for a 2 storey home was a wopping $1,075,000 up 16% over a year ago. A detached bungalow in July wasn't cheap either with an average cost of $840,000 or, approximately 80% the cost of a 2 storey home.
Homes took 33 days to sell which is in line with a year ago and 78 rental properties changes hands.
Tuesday, July 8, 2014
June 2014
The price of a detached 2-storey home was up just over 10% from June 2013 to $1,033,000. Sales were quick at 23 days on average. 57 homes sold over $1,000,000. Last June 39 did. Rentals kept pace with last June with 84 Leases versus 85 last year. The long lasting Winter and late Spring has resulted in a very busy June. The market should become quiet during the prime holiday season.
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