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Sales:
• 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.
Rentals:
• 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.
