Are Prices Headed for a Crash?

Home prices continued their uptrend, increasing 3.7% vs. April and are now up almost $160K (15.3%) since the start of the year. How is this sustainable? It really makes no sense.

Fortunately (for buyers), inventory in the past 3 weeks has started to come on and we are up apx. 10-15% listings depending on where you are. This combined with fixed rates increasing recently AND the Bank of Canada increasing their benchmark rate once again has some buyers hitting the brakes. The consensus is also that we will see another rate hike before the year is over. Homes are still selling and prices haven't started to fall BUT there's at least a decent chance that we have already seen the peak for 2023 home prices.

It's important to have someone advising you that knows what is happening in the market so they can properly guide you AND also use this information in negotiations. Feel free to message me to see how I can help you through your home buying or selling journey!