It’s official, Canada’s housing prices are cooling down. On May 16, 2022, The Canadian Real Estate Association stated:
- National home sales dropped by 12.6% on a month-over-month basis in April.
- Actual (not seasonally adjusted) monthly activity came in 25.7% below the monthly record set in 2021.
- The number of newly listed properties was down 2.2% month-over-month.
While the numbers are indicating a drop in the resale value of housing prices, this trend was foreseen but rest assured, the sky is not falling.
What does that mean for you if you are considering selling your home? We need to also put a perspective on the numbers as on a one a month-over-month basis, sales in April were down 12.6 percent compared with March, but still ranked as the third-highest April sales figure, just behind 2021 and 2016. Home-owners are getting nervous as instead of 20 offers, two to three are becoming the norm. Homes that once sold in 2 to 3 days are now taking two weeks to sell.
As someone considering your options, the best advice going forward is to make your decision based on personal factors.
Don’t time the market as in the next few weeks and months ahead, conditions will change. If it makes sense for you to sell based on your personal circumstances then move forward with your decision. The traditional advice on getting your home ready still works so ensure that your house has both outside and inside curb appeal.
First impressions are still important and a deep clean of your home will ensure that prospective buyers will see your house as having real value. A well-thought-out marketing strategy is one of the many discussions you should be having with your real estate agent. Defining what makes your home and neighbourhood unique and special will give your home a clear advantage.