Home sale and listing activity continue trending below long-term averages in November.
Home sales totaled 1,614 that is a 53% decrease compared to November 2021 and a 15% decrease compared to October 2022.
Heading into 2023, from a long-term structural view, the current pace of listings and available inventory remain tight when considered against a backdrop of continued migration to the province. With the recently announced increase in federal immigration targets and the that the Bank of Canada might be near the end of its interest rate hiking cycle, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.
If you are looking to buy, sell or wonder what might happen in real estate in 2023, please contact me.
Victor Song PREC*
Royal LePage Sterling Realty