Here is your housing market update for January 2023.
No it is not as crazy as it was during the peak last year, but it is also not as slow as it may seem. Among the industry, we have noticed that buyer activity is picking up.
Although there was a slow start in sales this month, there are more showings at listings, open houses are busier and multiple offers have happened. Part of the reason why we are seeing this happen is that we are at the lowest level of new supply for listings in over 30 years.
That doesn't mean we are heading back to bidding wars. There has been pent up demand from the past 4-6 months in the market where buyers and even sellers have been on the fence waiting to see what happens. Interest rate hikes have also cause this pause.
Now that we are hopefully at the end of increases in rates, buyers and sellers will start to hope off that fence. We are already seeing that as people are more comfortable with the market conditions. Ultimately we should see a normal and busy Spring real estate market.
The benchmark prices for detached homes is $1,357,800, for townhouses $773,100 and for condos $503,700.
If you are looking to know what's happening in your area, please give us a call or send us a DM and we'd happy to help.
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PJ @ 604-725-1258 | Razaik @ 604-537-8447 | info@cheemagroup.ca
Cheema Real Estate Group
www.cheemagroup.ca