A review of the current Real Estate market trends
November 10 2023
There have been no significant changes in the market in the last week and we are seeing the trend of the last few months continue. The media is leveraging the slow-down of the market and painting a bleak picture for sellers as ‘click-bait’. This is not unusual as their marketing and headlines are designed to sell advertising. Unfortunately this becomes the reality for a lot of buyers and sellers and the marketplace responds accordingly.
At all levels of Finance, Government and Real estate, there are no assurances as to what to expect in the coming months and years but the consensus is that the interest rates will remain at or close to where they are now. Historically, we could predict a ‘flat’ market with no appreciable gains or losses over the coming 12-24 months but we have seen such unconventional swings coupled with the huge wealth transfer as the Baby-boomers retire and re-assess where they want to live that there is no ‘normal’.
Typically at this time of year, as we move into the holiday season, we would see inventory reduce with many sellers taking their home off the market with plans to relist in the new year. Right now we are seeing inventory continue to climb. Prices are still lower than most sellers want and buyers feel that they are in the driver’s seat. I do caution buyers that this is not always the case – our team has sold 3 properties in the last 30 days that went into multiple offers. Strangely, one of these was on the market for 70 days before selling in multiples for more than asking.
I am pro-west coast and as the premium location in Canada, I can’t see that we won’t fare better than the rest of Canada. For the most part, the buyers that did not purchase in the last few months still want to buy. They have put off their purchase for a month or two or six… but they still need a home. We always see a slowdown at this time of year with a surge of activity in March onward and I believe that trend will continue.
If you are selling – Stay the course. There are fewer sales in the winter months but your could be one of them
If you are buying – Do your homework but don’t be afraid to commit. Remember, you will not know when it is the bottom of the market until it starts to rise… and then you have missed it. Some opportunities only come once.
