January was good, but February was even better

Date

Okay, so I’m thinking I might be shooting myself in the foot by saying this, but the market is officially back.
Last month, there were 40% more transactions completed than at the same time last year. In fact, if we look at the last ten years, this has been the best February with regards to the number of sales, excluding the obvious years of 2020, 2021, and 2022. With this number of properties being bought, the days on the market are starting to shrink for the first time in a long time, and median prices are starting to climb again.
So, many of you might say, does this mean we will end up with no inventory? Well, no, since we are also seeing a rise of 27% in new listings and a 15% increase in total inventory compared to the same time last year. In a few words: the market is back; more listings, more transactions, and market indicators all going in the right direction.
For those holding off for things to tank, I think we should reconsider your game plan. If rates drop and immigration continues to bring in as many people, and construction stays slow, things might be going in the same direction for a while.
Eventhough the Bank of Canada is keeping its rate at 5%, we are seeing fixed rates creeping down to as low as 4.69% for a 5-year fixed insured mortgage.
So, a few thoughts occur: what can we expect of March? Could it be better than February? And will we see a rate adjustment in the next rate announcement in April?

Exciting times ahead!! Stay tuned.

Find out how much your property is worth today

Curious to know what your home is worth today?
We are your local real estate experts and guides through today’s market.
Get your free report today!