Allison Andrus

MARKET UPDATE FOR THE WEEK ENDING OCTOBER 28TH, 2016

03 November 2016
Allison Andrus

Tight supply in the freehold market has been the ongoing story for the last few years. Consider that we have 63% fewer listings than the same period last year yet only 15% fewer sales. The net result is more sales happening above the list price (66.5% in 2016 compared to 55% in 2015). We will certainly witness a decline in resale listings over the next 2 months as we cruise into the winter season but it remains unclear if sales will drop in a corresponding fashion. The east core was the hot spot last week as 84% of all homes sold above the list price compared to 62% in the west core and 58% in the central core.


MARKET UPDATE FOR THE WEEK ENDING SEPTEMBER 30TH, 2016

01 October 2016
Allison Andrus

The condominium market performed similarly to the freehold market last week with a 15% reduction in new listings to 368 units throughout the core. Sales improved by 10.3% from the previous week, and the activity continues to be strong with 43.4% of condos selling at or above the list price. The east and west core shows the depth of the market’s demand with more sales (45 combined) than listings (32 combined). Overall, 86% of condos sold in the 416 are below $700k.


MARKET UPDATE FOR THE WEEK ENDING SEPTEMBER 16TH, 2016

17 September 2016
Allison Andrus

Have you ever turned on a hose and put your thumb on the end? As the pressure builds up it gets more difficult to contain the water. When you finally let go, the initial blast is really strong. That pretty much sums up the market this month. Listings have slowly been increasing, including a 16.8% increase last week. This was hot on the heels of a 41% increase in listings the week before thereby causing a significant rise in reported sales. More choice generally means the number of multiple offers decreases, however pent up demand has counteracted that theory and as a result we saw a 10% increase in sales at or above the list price (to 72.8%).


MARKET UPDATE FOR THE WEEK ENDING SEPTEMBER 9TH, 2016

10 September 2016
Allison Andrus

The freehold sector witnessed a 41% increase in new listings last week which clearly signaled the start of the fall market. As we have seen time and time again, there is a week long lag in sales as holdbacks to offer night afford ample opportunity to view homes. Last week was no surprise. Sales were lower than the previous week (mostly due to one less day of trading) even though almost 62% of the homes that did sell sold at or above the list price. The problem of low inventory becomes more recognizable when you consider that a year ago we had over twice as many listings and three times as many sales.