Dear Stuart,

Westside detached home sales in October are up 17.5% compared to last month. Listings were down 7% from last month.

Supply, compared to the 10-year average, is up 2% for detached homes, while apartment supply is up 41%, and townhomes are up 66%.

Demand, when compared to the 10-year averages, is down by 26% for detached homes, up 1% for apartments and townhomes are up by 8%.

Buyers are trying to buy and housing supply dropped in October while demand increased. Well priced homes are selling quickly at & over their asking prices while over priced homes are getting offers often 20% below their asking prices. Buyers are still hurting from the high interest rates even after a 1.25% rate drop and many conditional sales still fall apart due to financing.

In October, the westside Detached Home average price is down 25% from the peak in August 2023. The Attached home average price is down 5% from the peak in May 2024 and the Apartment average price is down 15% from the peak in January 2018.

The Bank of Canada is expected to drop the rate another 1/4 point before the year end which should help buyers qualify for more mortgage debt. Each quarter point drop will save a borrower about $150 per month on a $1M mortgage.

The market has been expecting higher inventory levels since the BoC started raising rates and that along with zoning encouraging higher density has resulted in a steady rise in supply of apartments, attached and detached homes.

Demand has just started to rise in response to the recent rate drops and that has resulted in price increases in the apartment and attached segments of the market but prices fell again in October in the detached home market

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 but we expect it to slow again in Dec. & January.

We honour the brave men and women in uniform who have dedicated their lives to protecting our freedoms and ensuring our safety. 🇨🇦 🍁

Best regards

Stuart

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

• Supply:
• In October, the supply of Westside detached homes was 7% lower compared to September, with a total of 664 homes available, down from 716.
• This is an increase of 10% compared to October 2023 when there were 604 homes on the market.
• Demand:
• Sales of Westside detached homes in October were up 18% from September, with 67 homes sold.
• Sales were down 6% compared to October 2023, which had 71 sales.
• The number of sales remains 26% lower than the ten-year average of 91 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in October decreased by 21% from the previous month, with a current MOS of 9.9 compared to 12.6 in September.
• This represents a 17% increase from September 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 October decreased 25% and median decreased 20% from August 2023's peak.
• The average price is $3.57 million, and the median price is $3.4 million.
• Current prices are down 10% on average and down 10% on median from last month.
• High and Low Sale Prices:
• Westside detached home sales in October ranged from a low of $1.6 million to a high of $7 million. The most expensive property took 254 days to sell, while the least expensive sold in 238 days.
• Of the 67 homes sold, only 10 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 October shedding light on changes in supply, demand, pricing, and notable sale prices.

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

• Supply:
• In October, the supply of Westside apartments was down 3% compared to September, with a total of 1,969 apartments available for sale.
• This number is up by 15% from October 2023.
• Demand:
• Demand for Westside apartments increased by 71% in October, with 341 sales compared to 200 sales in September.
• The number of sales in October was up 48% from the same month last year, which had 231 sales.
• Apartment sales are up 1% from the ten-year average of 337 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in October decreased by 43% compared to September, to 5.8.
• This is an decrease of 22% from the MOS of 7.4 in October 2023.
• Prices:
• The average price of Westside apartments in October is relatively unchanged from September, with the average price at $1,023,293
• It was relatively unchanged from October 2023.
• The median price was up 2% to $860K and is up 2% from October 2023.
• Average prices are down 15% below the peak of $1,199,000 in January 2018, and median prices are 3% below the peak of April 2022.

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

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

• Supply:
• In October, the supply of Westside townhouses increased by 4.5% compared to September, with a total of 414 townhouses available for sale.
• The supply was up 41% from September 2023, which had 294 townhouses on the market.
• Demand:
• The demand for townhouses in October increased by 23%, with 59 sales.
• The number of sales in October increased by 28% from the same month last year, which had 46 sales.
• Attached home sales are 8% above the ten-year average of 55 sales.
• Months of Supply (MOS):
• With the increase in supply and increase in demand, the current Months of Supply (MOS) for townhouses decreased by 15%, to 7..
• This is 10% higher than the MOS of 6.4 in October 2023.
• Prices:
• The average price of townhouses in October was $1.78 million, up 10% from September.
• It increased 18% from October 2023 when the average price was $1.51 million.
• The median price in October was $1.69 million, a 12% decrease from September ($1.52 million), and a 12% increase from October 2023.
• Average prices for townhouses are down 4% from its peak. Median prices decreased 8% 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 October, indicating changes in supply, demand, pricing, and their respective trends over time.