As expected for January 2023, we are seeing less sales and more homes going up for sale compared to January 2022, which was a highly frenzied seller’s market.
We are also experiencing a more realistic time frame to sell a residential property, rather than just over a couple weeks as it was a year ago.
This means buyers have a chance now to see more homes before making their selection. The market has definitely settled in terms of values. Current homeowners can see their homes are holding value at a more realistic point. Once again, the Bank of Canada has increased the interest rate by 0.25%. This causes sellers and buyers alike to naturally go into somewhat of a holding pattern as they wait to see what is coming next.
We will likely still see a large difference in comparative numbers in the first two quarters of 2023. However, there seems to be an uptick in activity from both buyers and sellers alike. So it’s worth getting your ducks in line, and seeing if 2023 has it in the cards for your next big move!
Questions? Contact us today to speak with a Portfolio agent.