I filmed my latest monthly video from my listing, 17384 3 Ave. This is such a beautiful home and I just SOLD it!
The market has shifted, and sales are below the 10-year average for the first time since June 2020. “We would typically see a flurry of activity around this time of the year,” said FVREB President, Sandra Benz, “however that’s not been the case so far. While it’s still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers.”
There is inconsistency in the market with all the different selling strategies. We have different micro-markets in different neighbourhoods, and demand for properties has slowed somewhat as we adjust to the new interest rates. There is not much time to adjust to the interest rates as we expect another hike in June; however, remember that our interest rates are still historically low.
It is interesting to note that according to a Scotia Bank study, Canada is short 1.8 million homes and the lowest level in the G7 countries. The lack of supply continues to be the cause of our high prices. Canada also has the largest transfer of private wealth in Canadian history. Grandparents and parents are helping their children purchase homes and first time home buyers has increased by 30%.
As time progresses in the shifting market, it is important to pay attention to ensure that if you list, price your home within the market and not where the market was 6 weeks ago. I would exercise caution when buying a home before selling your home without any subjects to sale. As always, I do my best for each of my clients by helping them see the market clearly to make good decisions to sell or buy Real Estate to fulfill their dreams. Call me for a comprehensive sales or buying consult tailored to your home and neighbourhood.
I look forward to hearing from you!
Amanda
The market has shifted, and sales are below the 10-year average for the first time since June 2020. “We would typically see a flurry of activity around this time of the year,” said FVREB President, Sandra Benz, “however that’s not been the case so far. While it’s still too early to say whether this trend will endure, the slowing of sales combined with an increase in active listings is helping to restore a semblance of balance to the market, which is encouraging for homebuyers.”
There is inconsistency in the market with all the different selling strategies. We have different micro-markets in different neighbourhoods, and demand for properties has slowed somewhat as we adjust to the new interest rates. There is not much time to adjust to the interest rates as we expect another hike in June; however, remember that our interest rates are still historically low.
It is interesting to note that according to a Scotia Bank study, Canada is short 1.8 million homes and the lowest level in the G7 countries. The lack of supply continues to be the cause of our high prices. Canada also has the largest transfer of private wealth in Canadian history. Grandparents and parents are helping their children purchase homes and first time home buyers has increased by 30%.
As time progresses in the shifting market, it is important to pay attention to ensure that if you list, price your home within the market and not where the market was 6 weeks ago. I would exercise caution when buying a home before selling your home without any subjects to sale. As always, I do my best for each of my clients by helping them see the market clearly to make good decisions to sell or buy Real Estate to fulfill their dreams. Call me for a comprehensive sales or buying consult tailored to your home and neighbourhood.
I look forward to hearing from you!
Amanda