Where's our market heading? What's going on with mortgage rates? What's the Bank of Canada doing? What's inflation doing?
There is a lot to consider right now when looking at today's market, so let's see what the experts have to say.
I'm Amanda Oldfield with eXp Realty, and let me help put it into perspective for you.
Our biggest factor to look at right now is that listings are hard to come by. According to the Canadian Real Estate Association, CREA, the number of newly listed homes rebounded by 23.7% on a month over month basis in February following a 10.8% drop in January. The monthly increase was led by large gains in the GTA, Calgary, and the Fraser Valley. Even with how difficult it is to snag a home, it has not slowed our buyers down.
According to CREA, about two thirds of local markets are still in a seller's market across the country, based on a sales to new listings ratio. There was just 1.6 months worth of inventory on a national basis at the end of February in 2022. That tied with January of 2022 and December of 2021 for the lowest ever recorded! The long term average for this time measure is just a little over five months.
These numbers are crazy compared to the inventory numbers from before the world went sideways. The buyers are out there and they are ready.
I'm Amanda Oldfield with eXp Realty and I'm here to help.