While the average selling price in February 2023 was down by 17.9% compared to February 2022, it’s worth remembering that prices peaked in February 2022 and then gradually came down over the months following, as interest rates increased, and buyers sat back and waited. Currently, some buyers are re-entering the market and others remain in the sidelines, waiting for a good opportunity. But for anyone seeking a home to purchase, there are few active listings out there from which to choose. Will more sellers list their homes for sale this year? Time will tell.
For the full TRREB Market Watch report, visit: https://www.trreb.ca/files/market-stats/market-watch/mw2302.pdf
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