Let me start by saying that Its time to SELL. The data I am about to share will justify what I just said.
Home resales has gone up by 11.3 percent nationwide, the strongest month-over-month increase in almost three years.
This surge in activity, combined with back-to-back monthly price increases and tightening demand-supply conditions, have tipped the scales in favour of sellers.
Average home prices as compared to January 2023 has gone up by $103,500
Sales to Listing ration rose to 70.2%
To this national surge of 11.3 percent, Vancouver and Toronto contributed the most. 25% contribution to this came from Vancouver real estate market and 27% from Toronto.
Main reasons for this surge to happen were or are
- Low inventory
- Buyers regaining confidence and are optimistic as the interest rates have normalized and settled.
So if I have to summarize, as a seller, if you want to capitalize on these favourable conditions, NOW IS THE TIME.
While there are not too many houses on the market but a significant number of buyers, you can do the math for the price that you can get.
Again, if you need solid reasons why you should make a move to sell if you are on a cross-roads, consider these again
- Home resales are up by 11.3, the strongest in the last three years
- Average home prices up by almost hundred thousand
- Sales to listing ratio up to 70%.
Want to list, call me at +1604-996-6784.
Market Update – April 2023
