Residential market
The monthly contract activity stood at 599 in December, down 46.4% compared to last year and down 9.1% from the 788 historical average for the month of December.
The supply, which is the number of units on the market, stands at 5,860, up almost 2% from a year ago. While the number of pending sales, which is the number of units that are currently in contract, stands at 2,282; this value is 41.6% lower than a year ago. The Median Sales Price is $1,133,594, down -6% from last year.
With a “normal” level of supply and fewer sales, we have a pending-to-active ratio (or market pulse) of 0.39. This reminds us we are in a buyer’s market.
The fact that the inventory is not swelling due to the lack of sales activity is somewhat protecting real estate values and discounts are not as hefty as buyers would hope for.
Luxury Segment
Last week 18 contracts were signed above the $4 million mark, 3 more than the previous week, with a total asking price of $118,515,990. The most expensive contract signed was unit 1 at 55 Leonard Street, asking $11,995,000. The luxury segment proves to be the healthiest, outperforming the market as a whole.
Rental market
In December the rental activity dropped -4.7% compared to the previous year (3,179).
Rental prices have been adjusting downward for four of the past five months, in line with an expected winter slowdown. But the median price is still 17.2% higher compared to a year ago. So still a relatively solid rental market for landlords.
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