MARKET UPDATES

REAL ESTATE MARKET RECAP - 2022

The year 2022 started off as a strong Seller's Market, a continuation from 2021, with the month of February reaching the highest average home sale price of $825,221! Then, the Bank of Canada had its first of many interest rate hikes in March 2022 and we started to see some changes in real estate. More inventory, longer days on market, less competition, and fewer multiple offers, resulted in lower home sale prices. What does this mean for Sellers? Be sure your home is “show ready”; repair, paint, de-clutter, and clean everything until it sparkles! Be realistic with your list price, compare your home to the most recent sales in your area, and be patient! The right Buyer will come. And for Buyers, prices are softening and there isn't nearly as much competition. That translates to fewer bidding wars (if any!), more opportunities to negotiate, and the chance to get offers with conditions accepted. If you were trying to buy a home during the peak of the market when there were a million other buyers... it's time to think about entering the market again. So, moving ahead in 2023, let's make it a great year for Real Estate, together!