Real Estate Insights - November 2023

We slid into fall this year with increasing inventory and higher interest rates causing a pronounced slow down in the real estate market from the national level all the way down to our local neighbourhoods. e expected results of increased inventory and higher borrowing costs did not, necessarily, mean lower prices.

Buyers are enjoying a slowing pace in the decision making process as the amount of choice, while still not at our accustomed “pre Covid” levels, is large enough to put most buyers at ease around the question of “Will what we want to buy be available, when we want to buy it....?” Also, the pressure of buying before your rate hold expires.

With the Bank of Canada holding the prime rate in September and expected to continue the hold at their October meeting we should see more con dence from buyers leading into the winter season. We will continue to see more inventory become available as well. All of this is great news for buyers. What about sellers? Many pundits have been surprised that prices have remained buoyant throughout the increase in both inventory and interest rates. e competition factor is having your home show well so it’s an easy decision for a buyer to make an o er. Any discount in the price will be seen during negotiations with a buyer. Time on market is steadily increasing however so build that into your plans for moving and be prepared to respond to the market as your personal circumstances dictate (which can be di erent from what the market may dictate).

All in all, we continue to see steady action in the marketplace with satis ed buyers and sellers both. For market information contact your realtor. For market intelligence contact Russ or Jon at Coast Lifestyles Network! “

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