With approximately six active listings last month and two true half-duplex sales, this segment technically landed at a 33% ‘sales-to-active-listings’ ratio. Now, that’s only two sales, so calling it a seller’s market would be a stretch, and you need a ratio of 20% or more for a sustained period of time before using that label. Still, two sales isn’t bad. Things were moving, selection remains limited, and if you have the right setup at the right price, you’ll likely knock it out of the park.

The homes that did not find buyers

Well, as we mentioned above, there wasn’t much available—that’s number one. Number two, what was available may have had layout or configuration issues, needed updating, or came with GST on top. As we’ve tirelessly said, the market is extremely sensitive and buyers aren’t willing to move forward unless the price is right for what’s on offer.

Longer exposure

Cumulative days on market increased substantially over the past couple of months. For the two homes that sold, this was largely due to their lack of a turnkey setup, the updating required, and potential configuration challenges that were not reflected in the original pricing.

Pricing vs Tax Assessed Value

The two sale prices came in about 7.5% below assessed value—noticeably lower than in August. That figure doesn’t fully reflect the current landscape, where sale prices and assessed values are moving closer together, so this spread is largely due to the reasons mentioned above. With a few more sales—and perhaps a mix of homes with updated or turnkey features—the numbers would likely look more balanced.

The takeaway

Again, buyers are looking closely at what a home actually offers. Does it function well? Does it feel spacious enough? Does it have outdoor appeal or income potential? Does it need work, or is it ready to go? What’s the parking set-up available? Is there suite potential? And is the price in line with what I’m seeing?

These are the hard questions buyers are asking in a market that is very different from previous years. Expectations have changed, concerns are real, and pricing a home accurately against what it offers is paramount.