Market Update: April 2023

Prices continue to rise as inventory continues to fall…

The average sale price was $1.153m which dropped just under 8% compared to 2022, but from month to month, there was a 4% increase. The number of sales continued to improve through the month of April. There were 7,531 sales in April compared to 6,896 in March but only down 5.2% compared to April 2022
Sales were down mainly due to less inventory. In April we had just over 11,000 New Listings with a 38.3% decrease over last year. However, Fewer listings mean there was more competition between buyers, which is why we saw an increase in average price as buyers have come to terms with the current borrowing costs
And the rental market? It continues to heat up. The average rent for a 1 bedroom is just under $2,500 and 2 beds are just under$3,200…now runs the question, with these numbers, many can pay the same amount for a mortgage, will we see tenants now opt to buy?