The housing market all across Canada appears to be cooling down. This is according to the Canadian Real Estate Association’s latest statistics. April 2022 saw a 12.6 percent drop in home sales all across the country compared to March 2022. Not only has sales declined, but the average price of homes has also dropped.
As we see the market change slowly into a buyer’s market, many are excited, and some who were considering listing their homes may even now start reconsidering. We think the best decision for everyone on the scene right now is to consider their personal needs more than the market conditions.
Trying to time the market is very risky, since nobody knows where the market will be a couple weeks from now. The decision to sell or buy a home is to be approached on a case by case basis, taking into consideration the needs of the seller or buyer. The decision really should be a personal one.
What This Means for Sellers
When there is less activity on the market, it is harder for sellers to set their properties apart. They will face more pressure to stage and make homes stand out more so they can sell. And also have to invest in cleaning and maintenance to keep a home up to par while still on the market.
Potential buyers often decide within the first 30 seconds of entering a home whether it is a contender or not. So sellers have to make a big impression, and an even bigger one when in a buyer’s market. When a potential buyer sees a home in good condition that is well taken care of, their perceived value is higher.
For sellers in this market, they will have to go back to promoting homes for longer times before selling. This means more posting on social media and having high quality photos to help seal the deal. For buyers, the dream of owning a home is looking a lot more tangible now too. We hope the market stays this way, at least for a while, so people can get back on their feet and find their homes.