The Latest Update on Local Condo Sale Prices
By Condo Culture
Hello fellow real estate stat nerds. This week we’re dropping the latest on what’s happening across the local market. As you’re likely now aware, Canada’s central bank decided to hold interest rates on October 25th following a total of 10 rate increases since early 2022. While this is a positive sign that we may be getting close to seeing some relief on rates which would help to stimulate more buying activity, we’re seeing prices in the current market depressed as a result of a higher number of listings and proportionately lower demand.
Through the month of October, both median and average sale prices were down from the previous month and based on the most recent stats you can now buy the average local condo for approximately 18.5-21.5% less than you could in February 2022.
Average and median sales prices over the past month were $543,098 and $510,000 vs. $562,339 and $545,000, respectively, during September. With the prospect of lowered interest rates seemingly on the horizon, those with a value mindset may want to start getting more active in their condo search to take advantage of this period of lowered prices.
There are many ways to assess what separates a good deal from a great deal in the current market and which makes the most sense for you given your goals. Get started by using the search tools on our website and then reach out to us to connect with one of our local market experts for advice on which units represent the best value. Our experts can also provide guidance on what may be the best move for you based on your unique situation and real estate goals.
Looking for the latest market stats and off-market listings? Follow-us on social or get in touch.
-CC