The BPC Report: 1Q2020
• Two bedroom sales continue to be the strongest with an average price increase of 20.29% and a median price increase of 28.94% from Q4 2019.
• Q4 2019 saw a sharp increase of 33% in the median price over Q3 2019. This seems to have been a correction for the sluggish third quarter. Q1 2020 brought us a 14% reduction in the median price from last quarter to $1,005,000.
• Studio sales continue to show the least activity with only one unit sold.
• Total number of apartments available went down by almost 10% from Q4 2019, compared to YoY which saw a decrease of available apartments by just over 41%, indicating Q1 2020 could have been a strong rental market under normal circumstances.
• Overall units rented fell YoY by nearly 27% however, the median rents stayed essentially level in the Studio, one and two bedroom units. There is a 21.85% drop in the median rent of the three plus bedroom units.
• Studios were the strongest performer this quarter with an increase in rented units of 42% over Q4 2019.