Due to a surge in the condominium market, August 2023 reached record high sales with 2,729 homes changing hands. Despite this record, year-to-date home sales are still down 15% compared to last year.
Inventory remains lower than norm, which has resulted in price increases across all product types:
Detached home prices = +10% year over year.
Semi-detached home prices = +10% year over year.
Row townhome prices = +16% year over year.
Apartment condominiums prices = +13% year over year.
With the current mass-migration from both Ontario & British Columbia, tight market conditions are expected to remain throughout the remainder of the year.