DECEMBER NUMBERS IN & REVIEWED
BRIEF MONTH-END SUMMARY: December saw a relatively flat condo market - turnover rates dropped to 14% from the month prior (a balanced market is 12-20% range, buyer's below and seller's above). Benchmark prices too remained steady, within the $780k range. The average days on market to sell tacked on an additional two weeks, now sitting at a total of 7 weeks.
Where are we headed? Buyer sentiment has shifted from the "frenzy mentality" we were in for the past 2.5 years. Combined with more stringent lending restrictions, municipal and federal housing policies (such as the Empty Homes Tax, Speculation Tax and Increased Foreign Buyer Tax - to name a few), sales have dropped and inventory has started to build up.
All being said, the first two weeks of January have been busy with buyers and selling exploring their options. By end of month we should have a pretty good idea how 2019 might shape up. Buyer sentiment has shifted into a positive tone with the Bank of Canada's overnight lending rates expected to see fewer than previously expected rate hikes for the year.
Most recent Westside stats report below (contact me for all other areas):