Warren Shouldice

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February Real Estate Update

January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021. Sales activity improved across all product types and across all price ranges. “Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB® chief economist Ann-Marie Lurie. “New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.” January’s new listings were 2,246 relative to the 1,208 sales in the market, causing inventories to edge up over December levels. These types of movements are typical for January, but 2021 is starting the year with 4,035 units in inventory. This is far lower than the past six years. Benchmark prices remained at levels relatively consistent with prices recorded at the end of 2020, but they reflect a year-over-year gain just below two per cent. Average and median prices recorded higher year-over-year gains, likely due to larger gains in sales in the higher end of the market. Those segments do not have the same inventory constraints as lower-priced product.


Quick Stats:


 

Jan. 2020

Jan. 2021

Y/Y% change

Detached

     

Total sales

515

731

41.94%

Inventory

2,487

1,683

-32.33%

Months of supply*

4.83

2.30

-52.32%

Benchmark price**

$478,900

$492,900

2.92%

       

Semi-Detached

     

Total sales

84

141

67.86%

Inventory

576

338

-41.32%

Months of supply*

6.86

2.40

-65.04%

Benchmark price**

$386,400

$391,300

1.27%

       

Row

     

Total sales

113

150

32.74%

Inventory

764

697

-8.77%

Months of supply*

6.76

4.65

-31.27%

Benchmark price**

$279,400

$280,900

0.54%

       

Apartment

     

Total sales

147

186

26.53%

Inventory

1,341

1,317

-1.79%

Months of supply*

9.12

7.08

-22.38%

Benchmark price**

$246,100

$245,100

-0.41%


*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.


Avoiding Moisture Problems in the Home

There are many hidden sources of moisture in your home that can lead to serious problems, such as mould.
 
To keep moisture levels in check, consider these tips:
 
  • Bathrooms are an obvious source of moisture build-up. Contractor and TV personality Mike Holmes recommends keeping the fan going for at least half an hour after a shower.
  • Check regularly for water infiltration around window and door sills, as well as other intakes into the home, such as dryer vents and cable wiring.
  • Determine the humidity level in your home. According to the Environmental Protection Agency, it should be 30-60%. (Keep in mind that humidity may vary greatly from room to room.)
  • Regularly inspect caulking around sinks, tubs and showers. Even a tiny break can cause water to leak gradually into the wall or floor, causing damage you may not notice for months.
  • Clean up wet spills as soon as possible. Be particularly careful with hardwood floors, as water can seep through and become trapped.
  • Repair leaking faucets and pipes immediately. Even a small drip can add significant moisture inside a vanity or kitchen cupboard.

Being mindful of moisture today can help you avoid potentially high repair bills later on.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.