This year, detached home sales in Peel, in the first three quarters of this year, rose by an astonishing 15% versus the same period last year. In Rockwood, the selling price for a standard 4bedroom, (2500-3000 sq. ft.) renovated house, with updated kitchen and baths, hardwood floors and a decently finished basement, was in the high $800’s. If we see another year with continued low interest rates, I expect selling prices could be closer to $1M next spring for similar well presented homes.
And it is not just detached homes. Depending on the complex, and of course condition, we are seeing towns sell near $500,000, and semis just below $600,000.
My next prediction? Regrettably, my crystal ball is broken. It is highly speculated that interest rates will increase next year, which could send prices down. However, if inventory remains low, this would drive prices higher. We will have to wait and see.