Prices remain stable to slightly negative in our market and will likely stay this way for the next few months. Be careful getting too caught up in any month-to-month fluctuations in our pricing graphs. The overall sales volumes in our markets are low, so the sales mix in any given month can skew the average. This happens even more in areas that have a large luxury market, like Oakville, where one or two high-value sales can push or pull any month’s numbers dramatically. It’s important to follow the overall trend line of the graph.

Also, buried in these average numbers is the fact that higher mortgage rates have pushed more buyers to lower-priced homes which again can skew the average number lower without individual home prices moving that far. It’s important to dial in on the actual selling prices in the home types and neighbourhoods you’re interested in. You need the real, on-the-street information. We can help you get that, just reach out and I’d be happy to help out.

Interest rates are the largest influence on our market right now. The Bank of Canada’s rate was held in December and we’ve seen fixed rates start to come down in the last 30 days. I expect the BOC’s rates to start to decrease at the March or June announcement. Once we’re clearly over the peak and on the way down a lot of buyers that are sitting on the fence will come back into the market and we should start to see more normal volumes.

For well-qualified buyers, the next 3 months will likely be a sweet spot to secure a home. There are many great options and sellers will still be willing to negotiate better prices. Reach out if you want to know what a move in this market would look like for you and your family.

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