While the real estate market is currently moving at a slower pace, there’s a notable increase in activities, particularly in January. More properties are changing hands at slightly lower prices, and multiple offers are becoming more common. It’s crucial to clarify that this doesn’t imply a sudden surge in the market; rather, it signifies a better alignment of expectations between buyers and sellers. The market’s performance varies significantly based on the areas and property types, creating a challenging market to navigate.
Although we’re observing multiple offers, prices are generally on the lower end in various areas and property types compared to the first half of 2023. Moreover, there’s a limited number of listings overall. Additionally, the introduction of new zoning bylaws, such as those for multiplex buildings and laneway houses, provides further reasons for homeowners to retain detached houses. Taking all these factors into account, we don’t foresee a substantial price drop, particularly for detached properties.