“Our market area experienced a reduction in activity and average price in December, as is the case for that typically slower month; however, we bounced back in January,” says RAHB President Kathy Della-Nebbia. “Buyers seem to be coming out early, so sellers shouldn’t feel the need to wait for the spring market to get a great value for their property. We expect the spring market will be strong with more competition between sellers, as many wait for the flowers to bloom to market their homes.”
The number of sales for single family properties within the entire RAHB market increased by 10 per cent compared to the same month last year, and the average sale price increased by 9.4 per cent. Townhouse sales activity across the entire RAHB market area decreased from January 2019 by 6.2 per cent, and the average townhouse sale price increased by 10.8 per cent to $518,361. Apartment-style property sales decreased by 1.4 per cent from January 2019, and the average price increased by 9.6 per cent.
“Although RAHB market statistics showed an overall increase in January 2020, certain segments of the market did not. For example, townhouse and apartment-style properties experienced a decrease in number of sales, and certain communities experienced a decrease in average price and/or number of sales – such as Glanbrook,” says RAHB CEO Carol Ann Burrell. “That’s why it is so important to work with a local RAHB REALTOR®, who has access to statistical resources to help you buy or sell your home.”
Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire RAHB market area. Because neighbourhoods vary, determining the right price and conditions when buying or selling a property can be challenging. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions.