Welcome to Spring!
The grass is getting greener and along with that the market is also finally ‘getting greener’ and healthier for buyers. This is a trend we are seeing across the country.
We have included a quick market outlook from major city centers where we have a heavy marketing presence below:
Calgary
“In Calgary we are continuing to see sales and prices increase across most sectors. Detached home prices are up anywhere between 9-22% depending on area. Row homes still have not fully recovered from previous highs, and apartment condominiums are still over 11% below previous highs. Prices are currently sitting 18% higher than last year's levels. However, we are watching as prices & interest rates continue to increase and what that will do in the market with still tight inventory” ~ Shilo Storey www.shilostorey.com
Vancouver Luxury
“In spite of what the media coverage says, sales in the luxury end of condo properties (over $5 million) in downtown Vancouver, came to a screeching pause during March. From 11 sales in February to only 1 in March. It seems although, much like the market during the beginning of Covid, the buyers on this level are just talking a moment to breath and see if something extraordinary happens worldwide with conditions the way they are. I fully expect we will be back to an energetic market within a few more weeks regardless of conditions. Such is the way we seem to have programmed ourselves over the past 2 years” ~ Elizabeth McQueen www.elizabethmcqueen.com
Toronto
"While there were some interesting outcomes from the government's budget announcements, our prediction is that none of them will have any major impact on our housing and the momentum of our industry will continue. In Toronto we are still in a very strong sellers market, with the benchmark of one month of inventory, however the frenzy of Q1 is starting to cool ever so slightly with more inventory coming out in the spring market. We're seeing some properties not selling on offer night but relisting at a higher price and still selling. On the outskirts of core Toronto we are seeing homes taking longer to sell which is reminiscent of the Spring 2017 market where there was a moderate return towards a more balanced (but still a sellers market) where sellers still had high expectations but had not quite adjusted yet to the market." ~ Mark Richards www.therichardsgroup.ca
Please let us know if you have any questions about the local market or any markets across Canada. We have a great network of agents across the country and will ensure your real estate needs are exceeded wherever you are.
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