OUTLOOK FOR 2023 and 2024
The Canadian Real Estate Association predicts a downward market for 2023 with a rebound predicted for 2024. CREA forecasts a
decline of 5.9% nationally. According to the report, this decline reflects built-in drops already recorded from late 2022. The volume of sales will continue to drop this year and see a rebound in number of sales next year.
If you are thinking of selling, we are still benefitting from the steep incline in early 2022. If values decline by an average of .5% monthly and you were considering selling, then I would advise early 2023 versus waiting until late Spring or Summer.
Get ahead of the changes. Inventory levels are still low and the average list price to sell price is hovering around 98%, a sign of some resiliency in the market.