Market Update

More and more buyers are ready to go!

March 4, 2023 4:07 pm Published by

February last year the housing market was sizzling hot! The housing market was appreciating so quickly that a correction was inevitable. In some areas house prices had increased by nearly 20% in the last 6 months in late 2021 – early 2022. Now, after nearly a year in correction territory everyone is wondering where we are going from here. All signs are pointing to a housing market heating up again even with higher interest rates. The signs are there. Already this month there have been multiple offers on houses and condos. If a property ticks all the boxes the property will most likely have multiple offers. Many buyers have adjusted to higher interest rates by setting there sites on a smaller property. A property that fits their affordability. This is an interesting read from Storeys that supports more buyers are prepping to hit the market soon. Click here.My advice to buyers is to start looking now before the warmer weather kicks in. The warmer weather will bring a warmer real estate market. Current inventory is low and this is feeding to higher prices as we move through 2023. On top of this, immigration which is substantial when you think Canada will be home to nearly half a million new Canadians in 2023 with the majority moving to the GTA. If you are a buyer waiting for better prices I suggest they are already here.