November 2024 Market Update
October 2024 saw 2,174 sales across the city’s entire residential market, a whopping five sales higher than October 2023.
However, the more important statistic is the increase in new listings. In October 2023, we saw 2,685 new listings, and in October 2024, 3,264 new listings, nearly a 22% increase. Looking further into this, the apartment sector led the way with a massive 27% gain in new listings.
There are a few possible reasons for this massive influx of listed apartments. A) The 1-bedroom rental market has slowed. Seeing it’s first drop in average rental price since February 2021, which has possibly pushed some investors to sell. B) In the past two years, some sellers have, for the first time since 2014, been able to get out of their homes in the money, making it possible for them to make a move up in the market.
With all this being said, pricing in our market is still extremely strong. The average price across all sectors in the city is up almost 14% year-over-year, which is the second-highest performance across all major Canadian housing markets (Behind Saskatoon).
Food For Thought:
An interesting situation I came across earlier this month demonstrates how much market performance across different price ranges varies.
Both of these detached homes are Bankview and sold in the same condition
as their previous sale.
Home 1: 3 Bed, 1.5 Bath, 1,500 Sq.Ft, Built 1911
Sold 2019: $644,000
Sold 2024: $770,000
19.4% Increase
Home 2: 4 Bed, 3.5 Bath, 3,600 Sq.Ft, Built 2016
Sold 2018: $1,850,000
Sold 2024: $1,975,000
6.8% Increase
As a homeowner, it is crucial to understand the trends in how the real estate you are buying will appreciate over time. And as an investor, it is the number one criterion when buying a property.