As the snow starts to melt and the sunshine makes us dream of patio weather, please take a few moments to check your property.
1. Check that your sump pump is working if you have one.
2. Check downspouts are running water away from your foundation and shovel any snow blocking exhaust vents or window wells.
3. Do a basement walkthrough and check for any water at windows or venting access points.
I've been reviewing the February numbers and checking in on March numbers so far. Sales are down compared to last year in a substantial way. However, our median and average prices are higher than last year. As well, more million dollar plus listings are selling.
So why the change?
It is very easy to blame a lot of the adjustment on the new mortgage rules that came into effect in January. It is an easy mark as other major markets across the country have seen the same trend.
The other factor may be the weather. It is only committed buyers that make the effort to shop for homes with record snowfall and winter storms. Given other economic indicators are showing positive signs, it is going to be a time when it is important to understand the impact on your specific home and situation.
The market is adjusting across the city but not evenly. Apartments continue to be challenged by over supply in most areas. The west side and city centre are posting the strongest numbers for detached homes year to year and overall detached home absorption numbers show 3.74 months of supply. We will see what the balance adjusts to once the snow melts and the spring market begins.