As the fear of further interest rate increases begin to subside, we may be approaching the bottom of the correction period in home price sales. With a mediocre economic forecast, there doesn't seem to be any evidence that we are going to bounce back in an upward direction anytime soon but instead flatten out or perhaps give back a little more of the unsustainable gains we witnessed in 2021 and early 2022. In Oakville and Burlington in particular, we can see a trend where the number of actual house sales has fallen far more relative to the decrease in house prices. This suggests the perceived value and demand in housing remains but there are simply less buyers due to qualification limitations and consumer confidence. With future increased immigration and an eventual improved economic outlook, housing will continue its steady long term appreciation trend making this a potential good buy and hold opportunity. Feel free to reach out to discuss possible investment purchasing strategies.
In this month’s edition of our Real Estate Facts & Figures, we have put together the stats for October 2022 including median prices and number of homes sold and compare it to previous years so you can have a better understanding of how the local housing market is really doing. House prices are still way up historically but in a more balanced market such as this, having the right real estate team with the experience, marketing systems and negotiating skills is more important than ever. We have sold a number of our listings lately so if you have any questions or would like to know what your home is worth in today's market, please don't hesitate to contact us.
See our newsletter link for the most recent statistics and trends. Click here for a breakdown of the numbers.