At the beginning of the new year, it is not unusual for buyers (demand) to jump back in much sooner than sellers (new listings - supply), a dynamic which commonly accelerates as spring gets underway. When demand surges while new listings lag behind, buyers must increasingly compete, often heatedly, for appealing homes. This Imbalance in supply and demand adds considerable pressure to the market, with overbidding and price increases becoming much more common. And this has occurred with a vengeance in early 2021, especially within the city's house market.
This report will look at median house and condo list and sales prices, supply and demand from a variety of angles, and the recent jump in Interest rates.
