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Are you trying to buy right now? Have you submitted multiple offers that aren't yielding results? Let us break down what has been happening in the housing market.
National Statistics show that it is a seller's market!
The Canadian Real Estate Association (CREA) released February stats recently showing that national home sales are up as buyers fight over early-spring listings. Overall in Canada:
With an influx in new listings last month, there was increased activity which is expected to continue throughout the spring. Cliff Stevenson, Chair of CREA, stated, "as expected, after a bit of a lull in January, we saw the first batch of spring 2022 listings come to market in February, and they were quickly scooped up by buyers.” He wonders whether sellers may emerge or supply will fade out towards the summer like last year.
CREA's Senior Economist, Shaun Cathcart expects at least one more month of increased sales. He has high hopes that listings will continue to come out.
Cathcart sees a potential turning point where price growth and inventory could slow down after years of high-interest rates and high prices.
He believes building more homes across Canada is key to things leveling out.
Newly listed homes rebounded by 23.7% last month after a drop of 10.8% in January.
The sales-to-new listings ratio fell back to 75.3%, January was at 89%. The Aggregate Composite MLS® Home Price Index (HPI) was up a record 3.5% in February, one of the tightest market conditions ever recorded as well as the non-seasonally adjusted HPI was up by a record of 29.2% (HPI provides the best way to gauge price trends).
Gains remain on par in BC, lower in the Prairies and Newfoundland & Labrador, a little lower in Quebec and Prince Edward Island, and a little higher in Ontario, New Brunswick and Nova Scotia.
The national average home price was a record $816,720 in February 2022, up by 20.6% from February last year. With the potential of a lull, we will continue to watch the national stats.
Take it from the Chair of CREA! Contact your REALTOR® (US) who can provide information and the guidance you'll need if you are looking to sell or buy in 2022.
Sellers - it is YOUR market. Buyers want your home!
Buyers - don't despair! With the right strategy, you'll find right home for you.
