Have you been wondering what is happening with the market right now? You may have seen some news articles floating around about shifts in the market. Well here is what that all means:
This May saw fewer properties sell than May of 2021. 27.5% fewer to be exact and that’s still down from April of 2022 as well. What does this mean? Well, we’re beginning to see a bit of a correction to the crazy market we’ve been experiencing over the last couple of years and a slow return to what the market was like pre-covid.
Inventory is still low especially for a spring market which is typically a busy time of year, but this return to regular markets is good news for buyers. An increase in inventory will mean more options for buyers and price variations among neighbourhoods.
At the end of May, there were 1,776 active listings, which is 30.1% more compared to April, and 22.5% more than the end of May 2021.
Even with these market changes, there are always challenges to navigate so if you are looking for trusted help in purchasing a home or selling, please connect and feel free to ask any questions. We’re always here to help.