August 2023 Market Review

The August numbers are in and not a bad month of sales considering it was summer and
there was the looming concern of another increase in borrowing rates. 5,294 homes sold in
August, similar to a year ago and with 15,497 homes available for sale it’s a tight real estate
market. One out of three homes are selling and that is still a seller’s market where buyers
don’t have many options to choose from. While the desire amongst buyers to purchase is
high, the fear of a recession and increases in borrowing rates are causing buyers to delay
their home buying decisions in a wait and see attitude. The market is very sensitive to price
and homes that are competitively priced and well marketed are selling within three weeks.

Prices consistently increase due to supply, demand, and inflation. With inflation, over time
things go up! Cost of material and labour means the cost of construction is higher and will
continue to increase. As far as supply and demand, with housing starts way below the
50,000+ needed to maintain current needs and 1,500,000 new immigrants scheduled to arrive
in Canada by 2026, it doesn’t take much to see what will happen to house prices over the
next few years.

Opportunities exist today! Whether it is upgrading your home or buying an investment
property, now is the time to explore your options. If you or a friend, have any questions about
the opportunities in this market, give me a call. I’ll be happy to help.