Updated: Dec 21, 2022
You have seen read the conflicting news about the Canadian real estate market. Low inventories are creating a seller's market, interest rates are on the rise, and housing sales are cooling off. What should a confused homeowner do?
From Canadian Mortgage Trends. “‘Rising rates are a problem and will almost certainly weight significantly on [housing] demand through the remainder of the year unless things change quickly,’ wrote real estate analyst Ben Rabidoux. ‘Resale markets across the country are still exceptionally tight, but we are now seeing a significant inventory build the likes of which we haven’t seen since 2010.
This advice is echoed by Zoocasa Realty as they believe that "this might be the best time to list your home for sale in 2022."
According to this organization's CEO, Lauren Haw:
“Last year, the spring market came early. By March, we’d already reached the peak of the market, when usually we’d anticipate seeing that in May” says Haw. “This spring’s buyers already know this, and they’re out shopping and putting in offers early. While I anticipate price growth to continue into 2022, the days of 30+ offers on offer night will not last forever.”
“The advice I’m giving to my team of agents, and the sellers that I’m working with is that if they want access to the highest price pressure that they’re going to have all year, the time is now.”