Possibilities and challenges have emerged from the cooldown in our real estate market.
The recent cooldown is bringing opportunity for buyers including greater choice and less competition from rival bidders.
We’re seeing growing inventory in this market, which means that buyers no longer have to make a decision in 15 minutes on whether to buy a home or not and have that fear of missing out on an opportunity.
The easing of that supply shortage, coupled with rising interest rates and fewer buyers, has resulted in fewer bidding wars, more reasonable purchase amounts and the opportunity for Canadians to make a more rational decision on buying a home.
So I think having a more balanced market, as we’re seeing today, is certainly more suitable for accommodating our industry and our clients.
Opportunities, challenges for first-time buyers
Indeed, the cooldown may be long overdue for a segment of the market that’s faced a steep uphill climb to purchase a property over the past couple of years: first-time buyers, who’ve found themselves frequently squeezed out due to affordability challenges and intensive competition.
New entrants to the market who have solid income, employment and can afford a down payment will be well positioned in the current environment.
If you or anyone you know have questions about the market, or are interested in buying or selling, please reach out to us as we are never too busy to help.