Market Update

Posted by Ken Eddy on Saturday, November 5th, 2016 at 9:10am.

In the trenches...

City-wide sales in October totaled 1644 units, which is an increase of almost 16 per cent over last year. I feel this was in large part to many buyers making purchases before the new mortgage rule changes took effect in mid-October. I really hope this is a sign of market recovery but we will need to see this continue for several more months before we can make that assumption. The detached home sector continues to lead in terms of sales activity with the apartment sector continuing to be the weakest. Despite the rise in October sales, monthly prices continued to decline for most product types in the market. 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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