I have had people ask me recently,
"Garry, how does the current market affect my future plans?"
I'm a big numbers guy (I love looking at statistics, reading charts, analyzing graphs) and numbers don't lie, so let's take a look at what they are saying.
Sales are down about 25%...
... which is largely due to the fact that, this past April, we saw the lowest amount of active listings on the market that we have in 10 years, keeping it a strong sellers market. Since fewer new listings are coming on the market, housing prices continue to rise and are 14.5% higher than last year!
The good news for townhouse & apartment owners...
... is that we are still seeing a more dramatic price change in townhouses (which are up 26.2%) and apartments (which are up an amazing 29.8%) from last year. These are becoming a more affordable alternative for buyers and builders are now building larger units to attract the buyers that would traditionally look at detached homes.
"Okay, Garry, the numbers are great and all, but what does this mean for me?"
Although the frenzy has slowed down a little, the demand is continuing to stay high while the supply is decreasing, which means that prices won't be coming down any time soon.
... if you're thinking of buying, the sooner the better! If you're thinking of selling AND buying, it doesn't affect you as much since you'll be doing both in the same market. If you're thinking of selling and then waiting to buy, DON'T! You don't want to be waiting too long to re-purchase with the way the market is rising.
If you have any questions or would like to explore some of your options personally, I'd be happy to talk with you!