The last 12 months have definitely shown us just how quickly things can change. The beginning few months of 2022 gave us a continued hot market in Canada but cracks and cooling started to appear as we slipped into spring and the bank rates started to climb while buyers began to question bidding wars.
A recent article in Real Estate Magazine, an online magazine geared to REALTORS, shows that we are now in a balanced market. The last 2 years it was a very strong Seller's market. "Shaun Cathcart, CREA’s Senior Economist, said the national market has just tipped back into the balanced space. A Seller’s market territory is about 3.6 months of supply and under, while a buyer’s market is about 6.6 months of supply and up. At the end of November, there were 4.2 months of inventory on a national basis, according to data from CREA. "
Phil Soper, President and CEO of Royal LePage said "he believes the pent-up demand that occurred in 2022, plus those transactions that never got completed in 2021 because people were outbid in bidding wars, are going to pile into 2023 as the market starts to normalize. And we’ll again be into a period where there will be unreasonable upward pressure on home prices, particularly in our busiest cities."
Over the years, Guelph has always been able to ride out the market shifts and we have not seen significant price drops. Clevercanadian.ca has just ranked Guelph 30th in the Most Family Friendly City in Canada. As 2023 unfolds, we will all be waiting to see what is in store for our local market.