[ M A R K E T S T A T S ]
October numbers are out and we saw substantial increase in activity. Sales were up 45.5% from last year and 22.5% from last month. October sales were also 9.8% above 10 year average.
Increased sales also drove absorption rates higher across the board for all product type putting condos and townhomes in technical 'Sellers Market', although we need to see sustained absorption rates over 20% before prices start an uptrend.
Increased market activity could be attributed to pent up demand which lead many buyers to take advantage of reduced rates in mortgages seen in past few months, as well as more favourable market conditions, to buy their first home, or upsize.
Given we are heading into holiday season, slower market activity is to be expected, however, there are signs of recovery in the market and forecast for 2020 is a return to normal, balanced markets.
Contact me if you need to more information about a specific market or area.
You can find the charts HERE.