Here are the statistics for last month:

Over the last 5 years, the average number of condos on the market for sale in December has been 749. This past December we had only 405, the market is still starving for inventory.

Over the last 5 years, the average number of condos on the market that sold in December has been 247. This past December we had 265 sales... very typical. 

The supply and demand level indicates a continued Seller's market and predicts rising prices. This is due to a lack of inventory on the market. 

The median price of a downtown condo was up from $542,500 to $566,000 in December. A little odd to see prices up that much from November to December. 

In December, the average price of a detached home fell again, this time from $949,500 to $935,000. This further decreased the year to date return down to -6.5% as the final number for 2017. Condos ended the year up 22.9% for the year. Not only was it a surprisingly good year for condo owners, it was very odd to see the detached home performance behave so differently. 
 

The gap between condos and homes shrunk more which is making the jump a little more affordable for condo owners looking to move up to a house. Why such volatile house prices? My best guess is less to do with the product than the price point. With lenders raising qualifying standards on properties over $1m, that affects many more homes than it does condos. There are even more lending requirements starting right now for 2018 so I don't expect to see such a wild Spring market for detached homes this year. More predictions to come in a following newsletter...