How has the Value of your Home Fluctuated? The Reality of Realty in a Pandemic Part IV

The housing market in June continued to be impacted with low supply / high demand and the looming changes with the Canadian Mortgage Housing Corporation (CMHC) who tightened their rules on mortgage insurance for high ratio mortgages (anyone with less than 20% down). Competing offers continue to be a trend in the market, fetching sellers strong sales topping 103% of asking price in Acton. Keeping a close eye on the market conditions in Acton, here are some statistics to consider for the period of June 1 – June 30, 2020 · 22 homes sold firm at and average of 99% of asking price · 9 of the 22 sales sold for over asking · Acton’s average sale price - $758,310 is a 16% increase in value over the same period in 2019 · 22 average days on market to sell Contrasting with June, 2019 · 21 homes sold firm at an average of 100% of asking price · Average sale price in Acton - $655,090 · 24 average days on market to sell Studying the entire pandemic and comparing to the previous year in market activity; 49 homes sold in 2020 during the pandemic whereas 63 homes sold in 2019 for the same time frame. There were approximately 20% less homes sold, but the sale price of the homes showed an increase of 13% in value. Looking forward to July, I feel the current trend will continue and strengthen as COVID19 restrictions loosen, however the tighter restrictions implemented by CMHC will have a stabilizing effect. I hope that throughout this pandemic we have been able to re-evaluate and grow as people, as families and as communities. As always, Helping You is What I Do!!