The new mortgage rules took effect on October 17th for high ratio borrowers (under 20% down payment) and don’t take effect for conventional mortgage until the end of November. Sales and house prices have remain strong thus far and currently, I’m still noticing many bidding wars as some buyers are likely rushing to buy before the new rules come into play for them. We likely won’t know how these new rules will affect the market for another few months. At the very least, I expect November will produce much of the same and December will likely be the start of a slightly softer market depending on available inventory.
Check out the latest sales stats from October 2016 for Markham below.
Markham Real Estate Sold Statistics During October 2016
- The average sale price in September was $1,017,966. Up 25.6% over the same month last year.
- The average sale price to date this year is $963,571. Up 20.1% over last year.
- The average time it took for a house to sell was 18 days compared to 16 days the month prior and 21 days last October.
- There were 548 total sales last month. Up 21% over the same period last year.
- So far this year, we have seen 5,403 sales. That’s up 15.2% over the same timeframe from last year.
- There were 733 new listings last month. That’s an increase of 1.8% and a sale to new listing ratio of 74.8%
- The month prior, the sale to new listing ratio was 57.4%
- So far this year, new listings are down 0.02% over the same timeframe from last year.
- The average sold price for detached homes last month was $1,538,361 with 242 homes sold.
- The average sold price for semi-detached homes last month was $817,324 with 36 homes sold.
- The average sold price for townhomes last month was $795,542 with 51 homes sold.
- The average sold price for condo apartments last month was $387,735 with 135 units sold.