ANOTHER RECORD SETTING AUGUST 2020!

Saturday Sep 05th, 2020

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? As we enter the fall season, a historically strong period in the market, be sure to contact me to discuss your Real Estate Options.  My Monthly Commentary follows below...
 
? "A new monthly sales record has been achieved for the second month in a row!" as the sales figures for August came in at a total of 10,775 reported sales. Looking at pricing by category, average prices were up across the board. Detached homes ($1,172,880) showed the biggest gains at +19.9%, followed by semi-detached ($905,712) at 18% and townhomes ($742,517) at 16.1%. Condos ($629,643) were up 9.5% year-over-year. Average prices for singles and semis in the 416 were up 21.4% and 21.9% respectively, with the average price for a detached home exceeding $1,500,000.
 
? Both New Listings (+56.8%) and Active Listings (+5%) were up for August. While the number of new listings increased strongly for all housing types, growth in new listings for condominium apartments outpaced all other housing segments. Housing inventory is now sitting at just 1.5 months. By comparison, there are 2.8 months of inventory for the condo sector. These are very strong sellers’ market conditions despite a lack of immigration to the local market. When restrictions are eventually lifted, expect demand to grow further. 
 
? Condo sales for the region were up 10.9%. While this seems low when compared to ground level housing, this figure is not insignificant. As the population becomes more accustomed to living with Covid-19, expect to see a return to this more affordable housing option!
 
? With improving economic conditions and historically low borrowing costs, demand for homeownership continues to rise. 
 
 

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