Listings VS Sales for Spring 2024

Exciting News from the Canadian Housing Market!

The latest report from the Canadian Real Estate Association (CREA) paints a fascinating picture of our current housing landscape. Despite a slight dip in home sales, there's been a surge in new listings, creating the "most balanced" market conditions we've seen since before the pandemic hit.

With sellers stepping up and boosting listings by 2.8%, there's now a 6.5% increase in overall homes on the market. This means more options for buyers and a chance for them to take their time, shop around, and maybe even negotiate better deals.

But what does this mean for you? Whether you're a buyer, seller, or just curious about the housing market, now's a great time to pay attention. With mortgage rates holding steady and no interest rate cuts from the Bank of Canada yet, there's a unique opportunity to navigate the market with a bit more flexibility.

Plus, despite the increase in listings, home prices remain stable, with little change in CREA’s Home Price Index for the third consecutive month.

Keep an eye on areas like Calgary, Edmonton, and Saskatoon, where prices are steadily climbing. And while there are some possible explanations for the surge in listings, including seller confidence and economic challenges, it's a trend worth watching closely.

As we move forward, factors like population growth and potential interest rate cuts could impact market activity. But, of course, there are always other considerations like the labor market and affordability conditions to keep in mind.

Ready to make a move in this balanced market? Contact Campbell Mortgages today to explore your options and secure the best mortgage deal for your dream home!