Happy New Year! It’s hard to believe, but it’s January 2025 already. I want to wish everyone a happy and healthy New Year and all the best for the months ahead. Now, let’s take a moment to break down December’s real estate market performance and look forward to what’s in store.
Clanton Park
December tends to be a quieter month for real estate sales, which explains the modest activity.
While November showed a notable uptick in transactions, December’s numbers reflect the seasonal slowdown.
The months of inventory metric, which indicates how long it would take to sell all current listings at the current sales pace, appears slightly inflated due to this lull in activity.
Homes sold for an average of 96% of their asking prices, and they moved relatively quickly with an average of 13 days on the market.
Bathurst Manor
In Bathurst Manor we saw similar trends, with 12 active listings and only two sales in December.
The six months of inventory suggest a slower market here, and the average days on market crept up to 40, an unusually high number for this area.
Homes also sold at 96% of their asking prices, with an average sale price of $1.4 million.
December is a tricky month for real estate statistics due to reduced activity. However, November’s year-over-year improvement in transactions brought some hope, and with interest rates trending downward, buyer confidence appears to be on the rise. Looking ahead to January, I’m expecting more inventory to hit the market, which could drive increased sales activity. Buyer demand is present, and as confidence builds, we may see the pace of the market pick up. The recent changes in CMHC’s mortgage rules—raising the limit from $1 million to $1.5 million— could also have a significant impact, especially in areas like ours.
CMHC Rule Changes and Bungalow Market Impact
With the new rules, buyers can now:
Purchase bungalows priced at $1.2 to $1.3 million with only 5% down.
Use additional funds to renovate and update these homes, making them livable without needing to rebuild entirely.