Jalaj’s market update for November 2021


Hello everyone, as we draw to a close for 2021, home prices in Milton are sitting 31% higher than what we had seen same time last year. In fact in the last six months, we have seen prices go up by $140,000, which is a 13% increase. All through 2021, we have seen home prices stay higher than 2020, ending November with 25% increase, year-to-date. As for number of listings and sales, both were down by 7% from last year November. Constrained supply levels continue to fuel this market. We are hearing that as of late, builders for pre-construction homes are citing unavoidable delays and increased construction costs due to the pandemic, as reasons for reneging on signed sales agreements. These buyers are being offered their deposit back or an option to buy the same property, but at a much higher price. You can well imagine that some of these buyers might now re-enter the resale market, further exacerbating the existing situation. You all have a great Christmas and we will talk soon.