We're at the midsummer mark - can you believe it?
I hope you've been enjoying and soaking up the incredible weather as much as I have. Hard to believe but Summer is already way past halfway done and we're already gearing up for Fall and back to school. Personally, I absolutely adore Fall - the vibrant leaves, the snug sweaters, and don't even get me started on all the pumpkin-spiced goodness. It's like a cozy wonderland!
I'm amazed how quickly time flies by. My daughter Celiah is getting ready to rock grade 6, and before I know it, she'll be celebrating her 11th birthday in November. It's a true "blink and you miss it" situation!
On a personal note, I was recently elected as board member to my condo board. I'm certainly gaining a much more detailed understanding of condominium/strata operations! I hope to use the knowledge gained to better empower my clients in their own understanding and decisions regarding condominium purchases.
But let's dive into the exciting world of real estate. 2023 started slow, picked up very rapidly in the Spring! It all kicked off around March 15th when the Bank of Canada decided to keep interest rates steady. Suddenly, buyer confidence returned, and sales began to soar, there were even occasional multiple bid sales although the wild over-the-top offers of previous years thankfully did not return. These days, it's more common to see sale prices around 3-5% above asking.
While its still a seller's market, the pandemic-induced frenzy has certainly diminished. Sellers are learning to be realistic with their expectations given market activity and there is a recognition multiple offers will be far less likely, and most properties will remain on the market a little longer than recent years. As is always the case, price will be determined by buyers' willingness to pay and there are fewer buyers than we saw in 2022.
Looking ahead to September 6th, the next Bank of Canada rate decision meeting, there is a belief an increase is likely to occur. This is particularly so, given the most recent inflation rate was above 3%. If you're thinking about buying a home or already on the hunt, locking in your rates and getting pre-approved to protect you from any coming increase is a savvy move.
The year-to-date average sale prices stand at $735,103 for freeholds and $433,447 for condos. This is a dip of about 9% for freehold properties and a 6% slide for condos compared to 2022.
But the more urgent note is the most recent uptick in the market over the summer: For July, the average sale price for a freehold-class property was about $754,188 - a hearty 5% jump from 2022 and a cool 1% bump from June 2023 prices. Condos, on the other hand, hit an average sale price of roughly $435,094 - up 2% from last year, though about 3% shy of June 2023 prices.
Quite a whirlwind of change over just the last month. I'm here to guide you through the twists and turns of the market and help you ensure you are best positioned to achieve your goals. Curious about your home's value (even if selling isn't in the cards yet)? Just reach out, and I'll provide you with a valuation.
If you know anyone who's considering buying or selling, please pass on my contact info - I'd love to learn about them and help them navigating today's market.
So, whether you're looking to make a move or simply stay informed, stay connected and let me help you navigate our world of real estate.
Catch you soon with more updates!