Momentous means: important, significant, historic, portentous, critical, crucial, life-and-death, decisive, pivotal, consequential, of consequence, far-reaching, impactful, earth-shattering, earth-shaking.
The Kitchener Waterloo Association of Realtors called it Momentous. Most buyers and sellers called it something else. I’m talking of course about last month’s real estate statistics.
They were released last week and they showed what anyone in the market knows in their heart of hearts…We are still in crazy town. Prices are still ratcheting up, inventory is still historically low.
Average prices in March were up 32.3% compared to a year ago.
The average price of a detached home is now $583,000.
Here is a good one. The five-year average for houses for sale at the end of March is just over 1,500. This March at the end of the month there were only 434 homes for sale. That is less than 1/3 of the 5-year average.
As for momentous, I think we are running out of ways to describe what is going on. In the past few months we’ve used words like record breaking, frenzied and unprecedented. April, I predict is going to be astounding.
If you think about it, momentous is a pretty safe word. It’s neutral . It’s saying that someday we will look back upon this period and tell stories about it. I know, because we already are.
You can see the press release at kwar.ca