Attached sector reacting similar to others during downturn
Softness in the city’s attached housing market is creating opportunities for would-be buyers as increased selection is resulting in more competitive pricing, according to local housing officials.
Sales of row-type housing and semi-detached properties, which make up the city’s attached market, decreased last month by 10.5 per cent compared to the same time last year, according to CREB®’s regional housing market report.
Listings also declined, yet by a more moderate 5.2 per cent. When combined with existing listings, year-over-year inventory levels jumped in January by more than 20 per cent.
More product on the market has meant sellers have had to be more competitive with their pricing. According to CREB®, the attached benchmark price was $345,600 last month, a 1.65 per cent decline from last month. Looking back on 2015, it slid 1.29 per cent from the start to the end of the year.