The local real estate market remains tight, with many buyers seeking out two-apartment homes to try to help offset mortgage costs.
The latest Re/Max fall housing market outlook describes the metro area as a seller’s market with an 8 per cent increase in the average residential sale price over the same period last year.
Jim Burton of Re/Max Infiniti says demand for two apartment homes is high in part due to higher interest rates.
“Because a basement apartment subsidizes that mortgage payment, so it’s very important for first time home buyers to have that, and investors too.”