This market is bitter sweet and although the interest rates are still on the rise, home values are surpassing 2022 prices.
Sales and Inventory
July was a fairly balanced market in terms of sales & inventory but did notice that the detached houses were all up from 8% to 13% which is absolutely incredible. We also noticed that townhouses were up 1% to 4% in Oakville & Burlington. Condos did not perform as great due to the amount of new pre-construction that has been coming up for sale.
The fact that we are “up” year over year is something that most experts, realtors and homeowners did not see coming. Over the last 6 to 9 months, there have been so much negative news in the media and all sorts of skeptics that have made the market seem worse than the numbers actually show and all I can say is that, the numbers don’t lie. I predicated in January of this year that home values would be up across the board by Fall 2023 and that is becoming a more of a reality.
The Truth About Bidding Wars
On a last note, if you are still hearing about “bidding wars”, this is true in some pockets but not in all and don’t get fooled into thinking that its everywhere. In fact, lots of realtors still use this strategy as a means to get “lucky” & “hope” for multiple offers which is ridiculous as it plays with your emotions and no need for this as we are not in this kind of market.
This was a necessary strategy back when the market was completely different and homes were selling in hours or a few days. In this market, it’s all about timing, inventory and pricing fair!