The market is changing and February was a big moment. In the GTA as a whole, and in most of the cities that we track, we have actually moved into Seller’s market territory. I’m going to say that again, it’s that big of a change, we are moving into a Seller’s market in most places.

We Moved Into A Seller’s Market

“Dave how is that possible?”, well that’s a good question. Yes, overall volumes are down, and yes there are fewer people moving, however, even at these lower volumes there are more Buyers than Sellers. Buyers have wrapped their heads around these larger interest rates and many Sellers are staying put.

If you’ve been following my monthly real estate updates you know that we’ve had stable prices for the last 6 months and that December and January were moving ever so slightly to the Seller. Well, February confirmed it, that movement has continued. Couple that with the fact that the Bank of Canada decided not to increase the interest rates this past decision and it likely has some legs.

What Does This Mean?

“What does this mean?” While I don’t think we’ll be moving back into a strong Seller’s market anytime soon, this likely indicates that we’ve reached the bottom point of house prices. I’d expect that as the spring market comes into swing there will be more homes coming up for sale bringing us back into a balanced market on the Seller’s side which will be a really nice place to be if you’re looking to make a move.

If you’ve been sitting on the fence waiting for prices to decline further, you may want to revisit that plan and make preparations just in case you need to move forward sooner than planned. As we all know our real estate market can move quickly and the last thing you want is to be caught flat-footed trying to catch up.

The Buyer Blueprint

Remember, our Buyer Blueprint is made to help you plan out your next move and be prepared for the time that you say go. If you want to get together and go over your individual plan just reach out and let me know.

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