We hope you have had a great week and are staying close to home this weekend with the snow in the forecast! We have been reflecting on the market so far this year and after a very slow start in January we are starting to see things gain momentum. Despite the increases to interest rates in 2022 and the doom & gloom portrayed in the media, other economic indicators that affect the real estate market remain strong. We have a very robust job market, high immigration targets set by the federal government, consumer spending is on the rise and inflation numbers are starting to come down. Forecasters predict that the Bank of Canada will not only cease interest rate hikes but we may even see two to three cuts by the end of 2023.
What this all means for real estate is that buyers are gaining confidence and starting to jump back into the market after waiting on the sidelines. Spring is historically a very busy time in real estate so we expect more and more inventory as Spring fast approaches. Just in the past 2 weeks we have seen well positioned properties sell with no subjects, multiple offers and this week we are seeing delays of offers which we haven’t seen since the beginning of last year. We may very well have seen the floor on prices and with this shift in momentum we expect prices to slowly rise over the course of the year.
If you are considering selling or know of anyone who is now is a very good time with little competition. We are here to assist in any way we can – give us a call!
The Aileen Noguer Group