According to the Canadian Real Estate Association, BUYERS ARE BACK! The market has stabilized. After dealing with MANY months of falling sales, low inventory levels and EIGHT interest rate hikes …
… we are seeing the light once again! Thanks to a solid job market, and the fact that the interest rates held TWICE – a REALLY good sign – buyers were prompted to take advantage of a market where home prices are very attractive!
Sales are ticking up while new listings remain at a HISTORIC low, therefore, homes are selling faster. Yes, we are seeing competitions once again, but I would say it’s more realistic and people are not paying much more than market value for a home – yet!
This market, though, has not been enough to motivate all potential sellers to list their homes. In fact, Sellers will need to be convinced that prices are robust enough and activity will be strong before they step into the ring.
Need to speak to a professional? We are here …
Lynn Fee