Warren Shouldice

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December Real Estate Update

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The best part of the season is remembering those who make the holidays meaningful. We wish you all the love and happiness this season can bring, and may it follow you throughout the coming new year.


Happy Holidays & Best Wishes!

 

Market Update


Year-to-date residential sales in the city remain just above last year’s levels mainly due to improvements in the attached sector so far this year. However, November sales activity eased over last year’s levels, mostly due to pullbacks in the apartment sector. Meanwhile, new listings eased enough relative to sales to cause inventories to ease and the amount of oversupply to come down slightly compared to last year’s levels. As of November, the citywide unadjusted benchmark price was $419,100. This is just below last month’s levels and two per cent lower than last year’s levels. Market conditions continue to vary depending on price, location and product type. For example, prices have ranged from a year-to-date decline of nearly eight per cent for row product in the East district to a two per cent increase for semidetached product in the North district. Larger price declines are often caused by high supply in the new-home and resale markets relative to demand.

 


Quick Stats


 

Nov. 2018

Nov. 2019

Y/Y% change

Detached

      

Total sales

680

710

4.41%

Inventory

3,506

2,928

-16.49%

Months of supply*

5.16

4.12

-20.01%

Average DOM

60

61

2.44%

Benchmark price**

$491,400

$481,500

-2.01%
       

Attached

      

Total sales

253

262

3.56%

Inventory

1,703

1,524

-10.51%

Months of supply*

6.73

5.82

-13.58%

Average DOM

70

69

-0.81%

Benchmark price**

$322,000

$311,200

-3.35%
       

Apartment

      

Total sales

239

188

-21.34%

Inventory

1,325

1,406

6.11%

Months of supply*

5.54

7.48

34.90%

Average DOM

65

74

13.37%

Benchmark price**

$252,400

$247,900

-1.78%

 

*Months of supply: The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.

**Benchmark price: The monthly price of the typical home based on its attributes, providing the best measure of price trends.


Selling Your Home Doesn't Need to be Overwhelming


When people think about selling their home, many focus on all the things they will have to do: paint the kitchen; clean closets; prepare for viewings; find another home; arrange financing; start packing; etc. It can all seem very overwhelming, very quickly.


In fact, if you focus on the long to-do list, you may be dissuaded from ever making a move! It doesn’t have to be that way.


There are many ways to make selling your home and buying another one relatively simple and easy. Sure, there will be some work to do. You may need to prepare your property so that it looks appealing to potential buyers - cleaning, decluttering, doing some repairs, etc. Of course, you will also need to view some properties for sale in order to find your next dream home. But those activities may not be as time-consuming or difficult as you had imagined. In fact, you and your family might actually enjoy the experience - and see it as an adventure.

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