We are into early March and inventory has been climbing but the sales numbers have dropped. This is province wide and locally we are seeing the same stats repeated. In general, we see about 20% fewer listings on the market than expected which should keep prices fairly level.
The phones are ringing, and I am seeing more showings and requests for information than we have had in the last year but the most common response when we follow up is that they are doing their research and not quite ready to make a purchase.
The interest rates are very good and other than the rock-bottom rates of a few years ago, these are attractive. It really comes down to consumer confidence.
Historical Bank Rates: https://wowa.ca/banks/prime-rates-canada
Here is a bit more detail from TD Bank on the World Events with a focus on the tariffs and how they could impact us: https://rem.ax/4bwLadG
My thoughts… this is a great time to buy. We have seen prices drop for 18+ months and if we look at past trends, we will see a flat market for the coming year and then the typical increase. This doesn’t take into account the “Trump Factor” and the ease in which we can now work remotely – all leading to more buyers looking for a better lifestyle and choosing the island as their ‘happy place’.
If you want more detail or are thinking of buying or selling, drop me a line and we can see if it’s the right time for you!
