Less listings and fewer transactions has been the continued theme through November and into December. I don't suspect things will change much until mid-January when we may see hopeful sellers taking advantage of the new year and buyers with a reset state of mind.
Condos and townhouses provided the most encouraging statistics from the latest numbers, with their average year-over-year prices remaining mostly unchanged. Detached and semis on the other hand came in with 13% and 17% price drops.
The recent 0.5% interest rate hike hopefully signals the end of the Bank of Canada increases. As potential buyers adapt to this new cost of borrowing we are hopeful that the market will flatten into the spring of next year.
Wishing everyone a terrific holiday season and a great start to 2023! - Andrew
