Dear Stuart,

Westside detached home sales in November are down 10.4% compared to last month. The supply of listings was also down 1.1% from last month.

Compared to the 10-year average, supply is up 8% for detached homes, while apartment supply is up 41%, and townhomes are up 61%.

Demand, when compared to the 10-year averages, is down by 24% for detached homes, down 20% for apartments but townhomes are up by 42%.

In November, the westside Detached Home average price was down 15% from the peak in August 2023. The Attached home average price was down 9% from the peak in May 2024 and the Apartment average price was down 18% from the peak in January 2018.

We are now seeing the higher inventory levels the market has been expecting since the BoC started raising rates and that along with zoning encouraging higher density has resulted in a more balanced market and some price relief for buyers. That being said, unique and well priced homes are still getting multiple offers and prices over asking.

Further rate cuts if they come later this year should encourage demand but we are also further into the mortgage renewal cycle and many mortgage holders have yet to hit their renewal dates under the higher rates….

The market picked up in October and remained strong in November but we expect it to slow in Dec. & January before starting up again in the spring.

Merry Christmas and Happy Holidays! All the best for 2025.

Best regards

Stuart 𐙚˙⋆🎄🧣☃️.˚ ❆

Detailed information on the Westside detached homes market in November. Here's a summary of the key points:

• Supply:
• In November, the supply of Westside detached homes was 1.1% lower compared to October, with a total of 657 homes available, down from 664.
• This is an increase of 18% compared to November 2023 when there were 559 homes on the market.
• Demand:
• Sales of Westside detached homes in November were down 10.4% from October, with 60 homes sold.
• Sales were up 11.1% compared to November 2023, which had 54 sales.
• The number of sales remains 24% lower than the ten-year average of 79 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in November increased by 10.5% from the previous month, with a current MOS of 11 compared to 9.9 in October.
• This represents a 6% increase from October 2023.
• A MOS between 7 to 10 is typically considered a balanced market, where prices tend to remain relatively stable.
• Pricing:
• The average detached home price in November decreased 15.4% and median decreased 18.6% from August 2023's peak.
• The average price is $4.015 million, and the median price is $3.44 million.
• Current prices are up 12% on average and up 1.3% on median from last month.
• High and Low Sale Prices:
• Westside detached home sales in November ranged from a low of $1.73 million to a high of $18.5 million. The most expensive property took 546 days to sell, while the least expensive sold in 361 days.
• Of the 60 homes sold, only 9 sold at or above their asking price, indicating a buyer's market.

These statistics provide a comprehensive overview of the Westside detached homes market in November shedding light on changes in supply, demand, pricing, and notable sale prices.

Detailed information on the Westside apartment market in November. Here's a summary of the key points:

• Supply:
• In November, the supply of Westside apartments was down 9% compared to October, with a total of 1,797 apartments available for sale.
• This number is up by 13% from November 2023.
• Demand:
• Demand for Westside apartments decreased by 27% in November, with 250 sales compared to 341 sales in October.
• The number of sales in November was up 11% from the same month last year, which had 225 sales.
• Apartment sales are down 20% from the ten-year average of 314 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in November increased by 25% compared to October, to 7.2.
• This is an increase of 2% from the MOS of 7 in November 2023.
• Prices:
• The average price of Westside apartments in November is decreased 4% from October, with the average price at $979,141
• It was down 1.7% from November 2023.
• The median price was down 2% to $839K and is up 2% from November 2023.
• Average prices are down 18% below the peak of $1,199,000 in January 2018, and median prices are 6% below the peak of April 2022.

These statistics provide a comprehensive picture of the Westside apartment market in November, highlighting changes in supply, demand, pricing, and their respective trends over time.

Detailed information on the Westside townhouse market in November. Here's a summary of the key points:

• Supply:
• In November, the supply of Westside townhouses decreased by 12% compared to October, with a total of 364 townhouses available for sale.
• The supply was up 36% from October 2023, which had 2674 townhouses on the market.
• Demand:
• The demand for townhouses in November increased by 14%, with 67 sales.
• The number of sales in November increased by 81% from the same month last year, which had 37 sales.
• Attached home sales are 42% above the ten-year average of 47 sales.
• Months of Supply (MOS):
• With the decrease in supply and increase in demand, the current Months of Supply (MOS) for townhouses decreased by 23%, to 5.4
• This is 25% lower than the MOS of 7.2 in November 2023.
• Prices:
• The average price of townhouses in November was $1.57 million, down 12% from October.
• It increased 4% from November 2023 when the average price was $1.51 million.
• The median price in November was $1.5 million, a 12% decrease from October ($1.7 million), and relatively unchanged from November 2023.
• Average prices for townhouses are down 15% from its peak. Median prices decreased 18% from its peak. The average peak of $1.867 million in April 2024, and the median peak of $1.834 million in June 2023.

These statistics provide a comprehensive overview of the Westside townhouse market in November, indicating changes in supply, demand, pricing, and their respective trends over time.