December Stats Read Like Spring Stats
If I didn’t know any better I’d assume December was April. We were working on transactions right up until the New Year with multiple offers and extremely limited inventory to show. As I predicted in our recent blog post condos did lead the way with major gains in West end condo prices but The East still trumps the west when comparing average condo price per square foot.
It’s not a surprise but most detached homes are way out of the reach of most buyers but the rise of the Townhouse has become a problem for those looking to the Townhouse as a house alternative. The average freehold townhouse is now fetching a million dollars (or a little less if 2 bedrooms). Some of those TH buyers are moving into larger condos (hence the major increase in 2 bed condo prices) or moving into rentals to save for a little longer. The action we’ve had on our most recent 2 bedroom listing is unprecedented. We’ll report the price after we sell tonight.
Fact: The market is positioned to continue this upward trend as we get deeper into 2017. What 2018 holds is a mystery at the moment but we’re looking at an aggressive year of appreciation for most property types with larger condos and townhouses leading the way.
Have a look at the info-graphic below and keep in touch if you have any questions.