“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” Andrew Lis, GVR’s director of economics and data analytics said. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”
“Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” Lis said. “But as we move into the New Year, if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn’t keep up, it may not be long until we see the return of upward pressure on prices.”
Our team is still keeping busy with a mix of Buyers and Sellers. I would say Buyers are more active than clients looking to list their properties right now. Historically, this is not a recommended time to list unless your circumstances require it. Ex: subject to sale offers and unavoidable life circumstances. There isn’t a ton of inventory to chose from that is desirable, so when a good listing comes on, it sells. It will be interesting to see what the Bank of Canada decides to do on December 11th in regards to the rate announcement. Hour to hour and outlet to outlet, the opinions change. I’m remaining optimistic for another reduction!