It’s no secret that the white-hot real estate market we saw during the pandemic has cooled substantially. The Canadian Real Estate Association (CREA) released a report in October showing national home sales were down in September 2022.
HIGHLIGHTS
- National home sales were down 3.9% on a month-over-month basis in September.
- Actual (not seasonally adjusted) monthly activity came in 32.2% below September 2021.
- The number of newly listed properties edged down 0.8% month-over-month.
- The MLS® Home Price Index (HPI) declined by 1.4% month-over-month but was still up 3.3% year-over-year.
- The actual (not seasonally adjusted) national average sale price posted a 6.6% year-over-year decline in September.
Although prices have declined nearly 6% since the BoC started hiking rates in March, analysts say it will take years for affordability to return, if ever. According to Reuters, average house prices were expected to slump 7.8% in 2023. That’s the biggest decline since at least 2005 when the Canadian Real Estate Association started collecting house price data.
For sellers looking ahead to the spring, the work to get your home market-ready starts now. Sarah Langdon is an agent with Coldwell Banker Thompson Real Estate and has worked extensively in both the residential and cottage markets in the 705 regions. She has some advice for sellers that could help increase your property’s value.
Touch-up paint: Paint is the least expensive and easiest way to make a HUGE difference.
Declutter: Start getting rid of things you no longer need, and get your house organized so people don’t have to ‘see past’ any mess. This is again an inexpensive way to make a huge difference.
Additional updates/upgrades: meet with a local realtor and get their opinion on what they think is worth updating and what is not worth it.
Get pics now: If you want to list in the spring, get your exterior photos now before it snows so you are not waiting for the snow to melt in order to get your exterior photos
I always say you sell when you want to sell and buy when you want to buy. It is impossible to time the market or predicts what it is going to do. If it’s time for you to sell your home, meet with a local realtor and put together a plan to get your house sold, regardless of what the market is like.
Contact Sarah Langdon
(705) 349-1726
sarah@sarahlangdon.ca
