2023 Wrap Up and 2024 Outlook

First full week back from the holidays was a busy one! ...and here is why

From the conversations I had with buyers and sellers throughout December, people were anxious to reactivate their projects and I had several inquiries about how other buyers and sellers were getting ready. These conversations translated into actions these past few days.

One thing for sure, buyers are very cautious but want to resume their search and be successful moving forward. Properties have been selling and will be selling if they are priced right. Volume is definitely not typical, inventory built up however the pricing of some properties are deterring buyers and are being excluded from the buyers short lists while others caught up with the market change and are getting the attention.

When priced right, you catch immediately the interest of the serious buyers that are willing and able. The longer your property stays on the market the less attractive it becomes. Even if you go through multiple price adjustments and re-list to show as a "new listing", experienced realtors keep track of the history and will advise their buyers accordingly. Because of the time elapsed, sellers caught in that situation will most likely get less money than if they would have been priced properly right from the start. Market dynamic has changed, but the right approach will maximize the outcome.

Reality is that the population is growing. Canada just passed the 40 million mark in 2023 and that influx is needed to support the country's growth. More dwellings are needed therefore increased demand and weak offer sum up to more pressure on home values. We are not expecting to see the market heat up as much as during 2020-2022, however prices will be less likely to go down especially as interest rates start declinin It is also safe to assume that inventory in the Spring will increase thus sellers will have more competition. Selling now gives them an edge.

Now as far as 2023 goes, the biggest impact was on the volume of transactions. There has been almost half the number of homes sold compared to a "normal" year. Prices corrected to more realistic levels but market didn't crash i.e. as a generally considered threshold, properties didn't lose 20% or more of their value in the past year. Also not to forget that 2021 was up from 2020 which had already registered record highs at the time. Take a look at this:

Your questions are always welcome and would love to hear about your plans for 2024!

Talk to you soon!

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Pascal