Market up-date

Posted by Ken Eddy on Friday, December 2nd, 2016 at 12:34pm.

In the trenches...

As mentioned last month, I was hopeful that the city-wide sales increase we saw in October was a sign of market recovery and not just a result of buyers making purchases before the new mortgage rule changes took effect in mid-October. Unfortunately, it looks like the gains in last month's sales were only temporary as November sales totalled 1227 units, which is nearly three per cent lower than last year and 17 per cent below long term averages. When I was out showing homes to buyers in November, I still noticed that properties that showed very well and were priced properly were selling quickly (and sometimes with competing offers). Detached homes continue to be the strongest segment of the market and apartments continue to be the weakest. The type of market conditions being experienced continues to depend on what type of property it is and what price range it is in. As always, if you are curious about what is happening with the market in general, or in your specific neighbourhood, please call or email us anytime. We'd love to chat with you about it.

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