Surging residential real estate market

Every sign is pointing to a surging residential real estate market in this province. November turned out to be a bumper month for Realtors. Sales are up, inventories down and prices are rising as a result. And it’s the same story across the entire province. More than 1300 transactions last month set a new record for November. It’s about 50% ahead of the long term average.

The strong month means this will probably be a record setting year, according to the monthly report from the provincial Realtors association. The prices did not move up dramatically, 6% higher than the previous month and 8% ahead of last year. the previous month and 8% ahead of last year.

But new listing numbers did not maintain the trend line when compared to sales. So a tightening supply probably means higher prices down the road. With all the talk of rising inflation and higher interest rates coming in the new year, buyers are trying to get ahead of the curve with this activity, according to CEO Chris Garrette, with sales growth in every city showing double digit gains over last year and inventories posting double digit reductions.