MLS® property type breakdown shows condominium sales in June were only down 6 per cent in comparison to last June. This is a vast improvement over some earlier months such as February and April when they were well off last year’s sales activity.
“We surveyed our real estate brokers recently and the majority of them felt the introduction of the new Condominium Act on February 1, 2015 had some impact on sales,” said MacKenzie. “Everyone involved in the condominium sales process is adjusting to the new requirements of the Act so our expectations are to see sales numbers perform better in the second half of 2015. Let’s not forget either an increased supply of affordable residential-detached homes competes directly with condominiums.”
Year-to-date sales show residential-detached units up five per cent while condominiums have decreased 15 per cent.
The most active price range in June for residential-detached sales was $250,000 - $299,999 (23 per cent of sales), followed by the $200,000 - $249,999 range (15 per cent) and the $300,000 - $349,999 range (15 per cent). Another 22 per cent of sales were split evenly in the $150,000 - $199,999 and the $350,000 - $399,999 ranges.
Average days on market were 29 days, four days slower than June 2014. The highest priced residential-detached sale was $1,165,000 and the least expensive sale was $32,000.
The most active price range for condos was $150,000 to $199,999 (35 per cent of sales) followed by the $200,000 to $249,999 range (18 per cent) and the $250,000 to $299,999 range (16 per cent). Days on market for condos was 49 days, compared to 41 days last year with the highest priced condo selling for $655,000 and the lowest priced sale at $57,000.