The Canadian real estate market is starting to show signs of change and this could impact you if you’re thinking of selling your home in the not too distant future. Statistics from the first quarter of this year show that the national market and many of the country’s regional and local markets are becoming more balanced. And as your local Coldwell Banker® real estate professional will tell you, a more balanced market means more competition for sellers.
Recent statistics released by The Canadian Real Estate Association (CREA), national resale housing activity on the MLS® declined in the first quarter of 2008 compared to the previous quarter, while new listings reached their highest quarterly level ever. The end result is an increase in resale homes inventory as more homes stayed on the market as a greater number of new listings were added. In fact, the first quarter of this year was the most balanced resale housing market of any quarter in the past nine years.
Residential new listings on the MLS® reached the highest quarterly level ever in the first quarter of 2008. A seasonally adjusted total of 223,405 homes were listed in the first three months of 2008, a 5.5% increase over the fourth quarter last year. The more homes there are for sale, the more buyers have to choose from. And if there’s more competition from other listings, you’ll have to do a better job of attracting viewers both to your online listing, and to view your property if you’re going to win offers – and at the price and terms you want.
Housing markets are becoming more balanced and price gains are becoming more modest as a result, says CREA. Sellers should be prepared to negotiate with potential buyers and not assume that a better offer is right around the corner. While prices are still expected to improve over last year’s record-breaking performance, the statistics indicate that the residential housing market is easing back towards more historically typical levels.
That’s a general overview at the national and provincial levels. Want to know more about how your local market conditions may influence the sale of your property? Your Coldwell Banker® sales professional Maureen Reed has the inside story on real estate values and market conditions in your community and can tell you how to step up to the next level when competing for buyers, call Coldwell Bankers office at 416-231-5000 or call Maureen directly at 416-895-4883, www.resalehomes.name; www.etobicokecondos.ca; www.nuvocondos.ca.