Transcript:
Hi guys, even with the year that 2020 was, the real estate market, not only in Milton but most of the major cities in Ontario beat all expectations and records. Average sale price for every single month, except for the months of April and May, consistently stayed higher than what we had seen in 2019. Looking at the year as a whole, the average sale price ended 15% higher than last year. This robust increase in prices can be attributed partly to fewer homes getting listed for sale throughout the year, 3% to be exact, along with a strong demand for homes which is reflected in 10% increase in sales from 2019. Couple of other contributing factors are low interest rates and work from home concept, which has led to folks moving out of the GTA into suburbs like Milton and further West. As I put up this update, market continues on it’s torrid path of price increases with almost somewhat of a mayhem of bidding wars, with homes selling $100,000 to $300,000 over list price. Is this sign of a sustainable healthy market? I somehow don’t think so. You all take care.