March 2022, was characterized by a slight shift in the market. You’ll see that in your specific city and home type the average selling prices were likely down from February. Now your first question will likely be

“Are housing prices starting to decline?”

On the surface, it may seem so, however, experience shows us that we are in a bit of a shift of mindset. We are no longer seeing the multiple offer craziness of the last few months (for now) and the reduction of the average selling price reflects what the majority of offers would have been on homes as opposed to the highest offer, or the winning offer in those cases.

With the prospect of future interest rate increases and potential changes to lending criteria on the horizon, only time will tell how much impact these items will have on our housing prices and the market in general. Right now, in my opinion, we are seeing an adjustment to a more balanced market with a slight edge to sellers, especially with homes that are prepared and staged well for sale.

Now more than ever it is very important that if you’re thinking of making a move, you work with a Realtor that has experience in all types of markets. There are many newer realtors (less than 5 years) that have not been through any kind of shifting market and you don’t want them to be learning on the job when it’s your money and equity on the line if mistakes are made.

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GTA, Toronto, Mississauga, Oakville, Burlington, Milton, Hamilton

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