Resiliency, pivoting & patience is how I describe the first 6 months of real estate in 2023. Between the higher interest rates that we have been dealing with and the all of a sudden spike in ‘bidding wars’ to homes sitting on the market longer than expected, its been a rollercoaster of emotions and teases!
In some cases, we have sold homes in 24 hours while others in 30-45 days.
Home Prices This Month
We have seen over the last few months 40% - 47% of homes selling at full price or higher and recently home prices are up 2% - 14% vs 2022… I know that sounds off, but its actually true.
BoC Interest Rates
Although the Bank of Canada keeps increasing interest rates, this market is showing its resiliency. However, this is not good and it’s still making it very difficult for first time home buyers and anyone who is on a variable rate that keeps seeing a higher monthly mortgage. Inflation seems to be heading in the right direction but for some reason, it’s not enough for our Government.
The Good News
The good news for homeowners is that since 2020, home values are still up on average between 7%-15% and even with all of the adjustments we have seen over the last year and interest rate hikes, real estate continues to show why its always a strong investment & should be part of your long term wealth planning.