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Inventory levels are at an all time low, while prices are at an all-time high. Intense bidding wars have become the norm with list prices being a form of advertising rather than suggestion of market value. One thing is for sure, we have never seen anything like this! The average sale price of a home Milton for February 2017 was a whopping $776,500, up almost $200,000 from the figure recorded a year ago ($569,400) and 12.5% from the previous highest figure ever recorded, last month. The 141 units sold last month represent a substantial decrease 26.2% in volume when compared to the same period last year.
Last month, only 12% of freehold properties did NOT sell for over the asking price, with the average sale price being 109.3% of the asking price. It’s getting tougher and tougher for buyers not only to purchase a house, but to determine the market value in this dynamic market.
While the numbers aren’t out yet, we’ve seen a flood of foreign money into the Toronto market. Buyers who were previously buying in Vancouver before the foreign buyer tax imposed by the BC government have been flocking this way. These numbers, while appearing unsustainable, figure to continue until there is some kind of government intervention
If you’d like to discuss the best way to navigate this tricky market, or anything Real Estate related, we’re always available to chat.
Your local Real Estate professionals,
Kyle and Jay