Shawn DeLaat here with the Davids & DeLaat Real Estate Team with your March 2023 Market Update.
Greetings and warm wishes. As the season of blooming flowers and new beginnings dawns upon us, sellers may find themselves busily preparing their houses for the spring market, which typically witnesses a peak in demand. On the other hand, prospective buyers will likely be scouring the internet and perusing various properties.
WHAT DOES THIS MEAN FOR SELLERS?
For sellers eager to sell their properties this year, it is crucial to price their houses appropriately to the current market conditions. It is essential to avoid pricing too aggressively, as this may not yield favourable outcomes in the present market scenario. Although interest rates remain high, the prices of properties have stabilized, and buyers are recognizing this trend and responding positively. Compared to the preceding year, we are now witnessing increased demand. Many people who postponed their plans to move last year are now re-entering the market.
Furthermore, the Niagara market is also attracting out-of-town buyers previously considering relocating to this area. These buyers are not limited to investors but include end-user buyers, such as young families seeking affordable living or down-sizers looking for lower-priced properties. As a result, we anticipate a rise in demand this spring, although lower than the COVID-induced demand. Nevertheless, the selling climate is expected to be much more favourable than that experienced in the previous year.
WHERE ARE WE NOW? MARCH 2023 MARKET STATISTICS
WHAT DOES THIS MEAN FOR BUYERS?
For prospective buyers, this is an opportune time to invest in a property at what can be considered a reasonable price. It is understandable to feel daunted by the high prices of properties. However, it is essential to note that the market has stabilized, and we observed the bottom in December. Since then, prices have started to increase steadily. Thus, buyers are advised to seize this chance and purchase properties immediately. This is especially important because of recent statistics regarding immigration. It has been reported that approximately one million people have migrated to our country this year, indicating a corresponding increase in the demand for houses. Therefore, acting swiftly to avoid any potential price increases shortly is advisable.
WHAT TO EXPECT IN 2023 AND BEYOND
Recent projections show that the Canadian population is expected to double by 2050 due to the rate of immigration allowed by the government. This significant increase in population will undoubtedly lead to a substantial demand for housing, which is already in short supply. Therefore, prospective buyers who aspire to own a home should prepare themselves by obtaining pre-approvals and purchasing properties while the market is still stable. This advice is especially relevant for young Canadians who have the means to enter the market. On the other hand, the upcoming spring season is expected to provide a better selling climate for sellers than in previous years. Therefore, preparing their houses and listing them for sale as soon as the greenery arrives is recommended.
Take advantage of the opportunity to purchase at a more affordable price! Contact us to discuss a selling strategy that’s custom fit for your home. Visit us on Youtube to learn more about these changes or schedule your free home evaluation to find out what your home could sell for in today’s market.