All figures are rising across the board!
The average sold price in February was just under $1million and up 0.6% from January. Interestingly, condo prices were down 6.3% year over year but midway through the month we saw a shift. While condos had been sitting idle on the market for months, suddenly they have started receiving upwards of 20 offers. The window of opportunity to get a condo deal is closing as we gradually return to pre-covid prices.
Detached homes are performing very well with 13.3% year over year growth and the average sold price standing at $1,684,073. This asset has seen the highest growth.
Semi-detached and freehold townhouses increased in price by 9.6% and 8.5%, respectively. Average prices now sit at $1,324,244 and $1,152,595.
In real time, on the ground, we are definitely beginning to see some changes in the freehold market and are excited to see what the March statistics will show. Buyer fatigue is pushing buyers out of the freehold market into the condo market, or out of the market all together. Larger supply surge mainly due to the Spring season, will have an impact on number of offers and prices in the coming months.
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