Willoughby Detached Home Values Increase for 5th Month Despite Interest Rate Hike
By Brad Richert, July 7, 2023
Despite the June 7 interest rate increase, the benchmark price in all Willoughby housing types continued to rise through June.
The “typical” detached home in Willoughby is now valued at $1.577m, +1.4% since May & a 12.2% jump since January. This translates into over $170k in gained equity for homeowners in 2023 alone.
Willoughby’s townhome market experienced a larger +2.3% month over month increase, now up to $871,000. This amount is +6.5% greater than the 12 month low back in February of this year (almost $52k more in equity since then).
The benchmark value for apartments in our neighbourhood is now $653,100 – this +3.0% jump in one month adds to the now +9.8% increase since the February lowpoint. That’s over a $58k gain in 4 months.
There were 10 more sales in June than May among all housing types. The number of new listings decreased from 262 to 221, which is not helping buyers. The market continues to remain in a strong sellers market.
