The market is in the middle of a shift right now. The average home is down significantly from the highs that were reached in February of 2022. However, when compared to a year ago at this time we remain 5.3% above June 2021 levels with an average selling price of $1,146,254.

Wait…. What? The market is still up?

I get it, with all of the news articles out there the fact that we are still up year-over-year is likely a surprise to you. Effectively the market went up really fast at the end of last year and in the first two months of this year and then gave it all back.

A lot of buyers right now are taking a “wait and see” approach to the market and I expect that to continue for the next few months. According to Benjamin Tal (Deputy Chief Economist of CIBC), we can expect the Bank of Canada to raise rates by about another 1% and then start to slow down or stop. Once we see a stabilization of interest rates (about mid-September) we’ll start to see more buyers enter the market again.

It’s not good news or bad news that slows the market, it’s uncertainty

Once we have some certainty around interest rates, we’ll start to see more buyers re-enter the market. The majority of home owners are in a good financial position (unemployment is low) and don’t have to sell. I’d expect that returning buyers will be met with a somewhat tight supply of homes for sale and we will see stability once again.

When is the best time to make a move?

If you’re thinking of making a move and are unsure when the right time would be, reach out. We work as consultants to our clients and will help craft a blueprint for you that will help you get the best results possible.

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