2022 at a Glance.....What Happened to real estate??!!
While you can see a decrease from the crazy numbers earlier in the year. Year over year there is a much smaller depreciation and it is slowing
Real Estate is always a good investment, but how good?
Another indication that the market has slowed - fewer over list sales. A sign of a buyer's market.
The feeding frenzy has stopped - for now. We are back to basics and a more normal market.
My brokerage has done another great job of crunching some numbers to try to make sense of the market, and they are available as regional graphs and in a separate file, city by city breakdown. Please remember that statistics have their place, but they are only a guideline for measuring information. Real Estate is LOCAL (sometimes down to the neighbourhood).
The 2022 housing market definitely was a roller coaster ride, not for the faint of heart in. From an extreme increase in pricing at the beginning of the year partnered with low interest rates, records were broken everywhere and multiple offer situations were the norm.
Then came inflation...and the inflation buster....higher interest rates.
In the short term, increased mortgage rates will keep sales at a slower pace, but Canada's housing deficiency and Niagara's quality of life should see things improve relatively quickly. We are already feeling a change in the air as buyers are starting to attend open houses again and news about a drop in long term rates is giving a bit of optimism to those looking to enter the market. There is good news for people upsizing, there is good news for people entering the market and there are deals to be had.
There is still good news for both buyers and sellers - one just needs to use the correct strategies. One tip that helps both - is looking for assumable mortgages. They can save buyers thousands and give sellers a competitive edge.
As always, i'm here to help you navigate the world of Niagara Real Estate. Feel free to ask me questions - if I don't know the answer, I'll try to find it for you!
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