Courtesy of Eric Manherz

Eric’s Corner Top 2% of 18,000 agents in Canada

April, 2024

As we near the end of March, the market is still moving fairly slowly.

From March 20th to 27th, there were 442 new listings and 531 sales. This means that we are not gaining much in inventory, and well-priced properties are moving quite quickly. There were also about 100 price decreases though, so still some properties are being listed too high. Homes priced at the peak of 2022 are generally not moving, as the market slipped off from those prices with an average drop of around 5% in 2023. In good news for sellers, we are anticipating (and hoping) a drop in interest rates, perhaps in June, which should bring back the buyers who have been waiting for conditions to improve. (Buyers: it’s better to start looking before everyone else does.) The average price in the market is also expected to increase about 3.5% this year. If you’d like to know the value of your property in this market— or at any other time —don’t hesitate to give a call!