Market update - Quarter 3 2013

MARKET REPORT

MARKET ACTIVITY

520 detached homes and 124 condos exchanged hands in October 2013, for a total of 644 transactions.

TYPE OF MARKET

Balanced

LISTINGS

Active detached home listings end of period were up 3.1%. Active condo listings end of period were down 0.6%

MOST POPULAR

Two-storeys, then bungalows, then ranch, and then the townhouse condominiums.

North London

  • Detached home  values are up 1.4%
  • Condo values are up 3.4%
  • Bungalow values are down 1.5%
  • Two Storey values are up 0.5%
  • Ranch values are down 0.8%
  • Townhouse values  remain the same

South London

  • Detached home values are up 5.2%
  • Condo values are up 3.5%
  • Bungalow values are up 5.3%
  • Two Storey values are up 5.1%
  • Ranch values are up 6.5%
  • Townhouse values are up 1.5%

East London

  • Detached home values are down 1.2%
  • Condo values are up 6.6%
  • Bungalow values are down 1.8%
  • Two Storey values are down 1.8%
  • Ranch values are down 0.6%
  • Townhouse values are down 2.0%

 

Residential sales numbered 2,143 units in the third quarter, edging up one per centfrom a year earlier.

Single detached home sales were up four per centon a year-over-year basis, but were offset by declines in other property types.

The number of months of inventory for single detached home sales was little changed from the end of the third quarter of 2012. As a result, homebuyers spent about the same time shopping around as they had in the third quarter of 2012.

The median sale pricefor single detached homes was up three per centfrom year-ago levels to $242,000 in the third quarter of 2013.



Summary – Sales and Median Price

Single Detached

Category

Q3-2013

Q3-2012

Year-over-year 
percentage change

Unit Sales

1,494

1,435

4.1

Median Sale Price

$242,000

$235,000

3.0

 

 

INTEREST RATES

The Bank of Canada announced on October 23rd 2013 that it was keeping its trend-setting overnight lending rate at 1 per cent. It has been at this level since September 2010.

The biggest change from previous statements was that it no longer hinted that the next move will be a rate hike. Instead, the Bank defended its decision not to cut rates amid persistently low inflation.

 

Buying or Selling?

  • Free home inspection
  • 2 Air miles per $1000 on the transaction
  • $500 rebate in legal fee’s
  • Discount on selling your home when you buy through me as well

Warren John
Century 21 Sales Representative

warren.john@century21.ca

 

Warren John

Warren John

REALTORĀ®
CENTURY 21 First Canadian Corp., Brokerage*
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