The Market did not respond to the interest rate increases, and the end of summer as expect in September. The expectation was that there would be an uptick in sales after the holiday months were over. This was not the case as sales dropped across CREB by just over 7%. The sales to new listing ratios across CREB is 45.74%, which is resulting in rising inventory. The pricing has continued to remain stable in most sectors but prices are expected to soften with rising inventory.
For the sellers that need to sell, it would be wise to get ahead of the market and price aggressively to sell. It will be competitive getting the attention of the buyers that are in the market. For buyers, the potential for a "better deal" is just around the corner with softening markets. The challenge is that should interest rates continue to rise, the affordability may become less. The higher cost of lending could off set any drops in pricing that we see over the winter months.
As always, real estate is a long term investment and all we can do is time a move that works for our current lifestyles and requirements. With lots of options available on the market, it is a great time to buy!
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