Now that the Bank of Canada has decided to take matters into their own hands, they've begun to raise interest rates - this translates to money being harder to get and thus, booting out some of the competition. The last year has been wild when it came to the selling price of real estate because there was so much competition. Literally, banks weren't even appraising a lot of the properties they were funding until the news of a potential increase broke. We were seeing properties go as high as $300k over the asking price.
Now that there isn't that much competition, the price of some real estate is actually coming down (MONTH TO MONTH). This isn't to be confused with a year-to-year comparison because prices in the spring of 2021 were much lower than the prices in spring of 2022.
This is an amazing opportunity for buyers to consider aggressively getting into the market to be able to present their offer in a 1-on-1 situation where there is room to have a conversation, a conditional offer, and even in some cases, a discount.
As far as the upcoming season is concerned, once the interest rates settle in, we're anticipating a 10% overall growth in the price of real estate by the end of the year.