It would appear that the sky is not falling, at least not yet. If you have been reading the national papers like the Globe and Mail, or watching the CBC, you might have thought that our real estate market was going to collapse in the next few weeks. Yes, there is downward pressure on prices and more listings on the market than we have had for quite a long time, but prices are hanging in there.
In the single family detached market, it took 34 days to sell a house in February, while the price basically stayed flat when compared to January of this year. Sales were way up at 38% higher than January and the average price was $526,760. There were 2,946 active listings and 739 houses sold.
In the condo market, it took 40 days to sell a home and the average price was up slightly by 1.2% when compared to January of this year. Sales were up dramatically for condos as well, with a 39% increase over January. The average price for condos was $308,942 and there were 217 condos sold.
Have a look at the infographic below for more information
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