Home sales continued to decline in the wake of yet another interest rate hike by the Bank of Canada last month. The property type that saw the biggest decline in sales was the townhouse segment followed closely by condos, which could indicate there are fewer entry-level buyers in the market due to the higher borrowing costs.
While sales were down last month, we seem to be moving towards a more balanced market; buyers now have more inventory to choose from, yet sellers can still expect their properties to sell within a reasonable timeframe. We’re also observing that sale prices are shifting closer to the asking price.
In this constantly changing real estate market, it is important to work with a local REALTOR® who has a complete understanding of our unique region and its market dynamics. Thinking of buying or selling? Give us a call today!