“Canada's red-hot real estate market showed signs of cooling down in March as both the number of homes sold and the average selling price declined from the previous month's level.”
CREA ( Canadian Real Estate Association) reported today that homes sold for an average of $796,000 in March. That’s a decrease of approx 3% from the February high of ($816,720).
It is important to note that the average selling price is still up by more than 11% from where it was last year.
Although market activity continues to bustle, those of us on the ground started feeling the shift at the beginning of March. Even without supporting data- I could see it.
Whispers of, “ I was expecting at least 10 offers and received none.” “I’ve only had one showing all week on a new listing.” Started to permeate quickly through the halls of real estate. Many chalked it up to March Break and the yearly cycle at this time of year. There is definitely some truth to that and thus why it was hard to call it a trend.
With requests showing down, fewer offers received on offer night, NO offers received on offer night, more homes for sale on the market, higher interest rates, and the number of days it was taking to sell increasing- these were early signals pointing to a change in tide.
But for how long??? That remains to be seen.
If you’re in the market to buy this year, this may be the opportune time for you.
Considering that market activity fluctuates from area to area, it’s a good time to talk to your agent about what your game plan should be right now.
Trying to time the market in hopes that it will crash may not be a solid long-term strategy. As we’ve seen many times, it can flip the other way suddenly and without warning.
I’m a firm believer in making a move when you’re ready.
Whatever you decide to do, market knowledge is key in making the best decision for you.
Are you ready?
Your country home and moving up expert!