“This month’s activity was in line with what we would typically see for August; however, due to COVID-19 the trends for the year are not what we would normally experience. Over the Spring, we saw lower than normal activity, but a balance between supply and demand. Into the Summer months we saw an increase in activity where we would normally see a decrease,” says RAHB President Kathy Della-Nebbia. “As we move into the Fall, we would expect a return to higher activity. With the potential for a second wave of the virus we don’t want to make any predictions, but RAHB REALTORS® will continue to find houses for buyers and buyers for sellers in a healthy and safe way.”
The number of sales for single family properties within the entire RAHB market increased by 10.8 per cent compared to the same month last year, the number of new listings was up by 4.7 per cent over last year, and the average sale price increased by 19.9 per cent. Townhouse sales activity across the entire RAHB market area increased from August 2019 by 6.6 per cent, new listings were up 2.6 per cent, and the townhouse average sale price increased by 12.5 per cent to $583,762. Apartment-style property sales increased by 52.5 per cent from August 2019, new listings increased by 33.1 per cent, and the average price decreased by 0.4 per cent.
“As of July, open houses were permitted to continue and consumer confidence increased as the economy opened up; however, it doesn’t mean it’s business as usual,” says Della-Nebbia. “RAHB REALTORS® have worked hard over the last six months to ensure consumers were able to buy and sell properties, and utilized virtual technology and sanitary measures to combat COVID-19. If you are entering the market as either a buyer or seller, working with a local RAHB REALTOR® will help ensure your real estate transaction is both successful and safe.”
*Trends are calculated from data collected through RAHB’s MLS®
Specific neighbourhoods within the overall RAHB market area see results that often differ from the average of the entire RAHB market area. Because neighbourhoods vary, determining the right price and conditions when buying or selling a property can be challenging. Local RAHB REALTORS® have the experience, knowledge and tools to help buyers and sellers make those big decisions.