Market Snapshot – April 2022
May. 04, 22 | Market Updates
You know that old saying “April showers bring may flowers”? Well, it wasn’t just rain coming down this last month, it was also the real estate market here in Cambridge.
There were 222 properties sold in April, which is down from March where we had 259 recorded sold properties. What’s interesting about this statistic, is that historically we would be seeing upward trends in the numbers as the spring market typically begins to heat up with more volume and activity. However, these numbers don’t come as a surprise to those with their finger on the pulse, because there has been great intention made by the Bank of Canada to slow things down since inflation was on the rise.
In addition to the decrease in unit sold, there was also a dip in the average sold price, which went from $951,739 in March to $897,913 this April. That’s a decrease of just over 5% on average across all types of properties. To dig a little deeper, both single family-freehold and single family-freehold detached dropped by roughly 5%, it was single family-condo units that were most impacted with a drop in price by just over 13%.
“Moving forward, it will be interesting to see the balance the Bank of Canada strikes between combatting inflation versus stunting economic growth and related government revenues as we continue to recover from and pay for pandemic-related programs.” TREBB President Kevin Crigger
Despite the decrease in numbers, on a year over year outlook, prices are still trending higher then in 2021 by over 20%. So, to put this in perspective, the average price of a single family-freehold detached property in April of 2021 was $814,445, and now it is now $972,782.
Real estate still continues to be one of your most valuable assets, so don’t be discouraged by all the doom and gloom headlines you will read because historically, real estate continues to trend up.
If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation. All you have to do, is reach out by filling out the form and we can chat more over coffee.