Looking back (2020 being all about hindsight and vision), we crunches through the numbers for all residential sales in Cabbagetown last year to see the trends, and consider the future direction of sales in the neighbourhood.
As part of our 2018 review we took an (educated) guess at what 2019 would look like:
“For 2019, we expect that the trend of fewer transactions will continue paired with modest overall price increases. While we will surely see bidding wars spring up from time to time they will likely be the standard Cabbagetown battle between 2-4 buyers, not the line-ups around the block like in some other neighbourhoods. Otherwise, sellers should also expect some good ol’ negotiations with potential buyers to arrive at their final selling price.”
Reality? The number of transactions and days on market rose to be back in line with 2017 numbers. However, the gains in 2019 in sales prices did not match 2017s and were indeed modest as predicted.
For 2020, predictions that interest rates will remain low will translate to continued increases in value in the neighbourhood. However, looking at the trend line for the number of transactions, it doesn’t appear that the number of sales will increase in Cabbagetown in 2020. We also, anecdotally, expect some unique sales in the neighbourhood: the combination of the special properties and creative owners in Cabbagetown are setting the stage for this.