Welcome to September!
Now that we are a few weeks back from summer vacations, routines have started to set in. We love this month as it feels like the start of a year, with the promise of new beginnings. This positive environment has been transitioning to the market, despite the recent interest rate increases. Although we are not yet on an upward trend with prices or even close to the number of sales from a few months ago; buyers are starting to make purchase decisions. Offers are being negotiated more frequently when compared to the activity we have experienced in the previous 2 months.
August sales were up 25% over July and we feel this trend will continue into September and hopefully beyond. Although our inventory is 3 times what it was back in April we are seeing fewer properties being listed each month. We are optimistic we will slowly start to see a decline in overall inventory in the months ahead. Prices are down 8% year to date and are on par to the price levels of October 2021, making this fall a great time to be a buyer.
Given that we have a strong rental market, there is increased demand for investment properties with buyers coming from across Canada. In addition, the change from the frenzied market has local buyers jumping back in along with those that are looking to either upgrade or downsize.
If you or anyone you know has any questions about the real estate market, we are always available.
Tamara and Shannon