Is it rising interest rates? Price decreases? Inflation? Lack of job stability?
Sales have dropped and prices have slid down over recent months.
I don’t care what the headlines say, what banks predict or what some catchy IG profile is claiming. What I care about is what I see with a team in the trenches and stats at our fingertips.
PRICES HAVE CHANGED. And that’s a fact.
Some areas have cooled more than others, but it’s safe to say that across the board the market has changed.
For the last 2 years our market has been red hot. Not enough supply for the demand that we had. Governments talked about increasing supply or stifling demand but it wasn’t really until interest rates increased that anything really changed.
So now we are in a different climate. Both for sellers and for buyers.
In fact it’s actually a much healthier market, and one that I would consider more normal compared to what we saw over the last 24 months. The biggest challenge right now is that we are in the midst of the change. It is still changing. And during times of change is when we have unpredictability.
Eventually interest rates will level off, people will have a grasp on job security (or lack thereof) and the same old fundamentals will be back at play (albeit borrowing money will be more expensive).
So what does this mean?
Fear is fair. Things have changed and will continue to change until we have stability from the Bank of Canada.
And once we do I expect to see buyers step back in and for our market to become much more robust… More predictable.
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