Single family and attached home activity is humming along this spring! Attached properties (ie. duplexes and row houses) are seeing the biggest shift over 2016 levels.
Attached sales are up almost 30 per cent over this time last year – similar numbers to what we saw in March of this year. Prices in the attached market are also up – over seven per cent from 2016.
Detached properties are also doing quite well. April detached sales are on par with the activity from March of this year. Sales are also up – over 16 per cent higher than the same period in 2016. Average price in this sector is unchanged over last month and remains roughly six per cent higher than 2016.
With inventory levels in the apartment sector similar to March levels, we’re still seeing price decreases, despite increased sales. Of course, due to the significant inventory levels in this sector, it will take longer to see some stabilization. The good news is that we are seeing increased activity – the first indicator that things are starting to shift.
Co-written with the team from Your Mortgage Advantage – Susan Ashton, Martin Breeze, Brooke Juba, Garett Courtier and Jeff McGinn