Click Here To See Full Market Stats

We finished March 2024 slightly in a seller’s market with trends that point us back to a balanced market. A seller’s market is defined as less than 2 months of inventory. A balanced market is between 2 to 4 months of inventory. With the addition of more listings coming back to the market, it points us to floating between 2.5 – 1.5 months of inventory going forward.

Interestingly, we’re seeing many homes that were on the market at the end of last year, coming back on the market this spring. There were many Sellers whose expectations of sale price last year were not in line with the market. These re-listed properties, for the most part, are coming out at market pricing now so expectations between Sellers and Buyers seem to be much more in line this year than last.

Multiple Offers Are Coming Back

Another point of interest; multiple offers have returned to the market. In the last month, our clients were interested in a property that had 28 offers placed on it (we decided to skip that one) and another that ended up with 16 offers (we offered on that one). Prices are not getting bid up dramatically like in the past. The homes are selling at market price with no conditions. This trend, I’m sure, will continue as the market continues to come back over the year.

With fixed mortgage rates having come down quite a bit in the last 3 months, many buyers have been able to re-enter the market. I expect that once the Bank of Canada starts to lower their rates mid-year more buyers will return, which will keep us in the balanced to slightly Seller’s market for the remainder of the year.

Links to other e-newsletter Articles