My comments:
There has been considerable market speculation in recent times due to the recent increase in interest rates. June 2023 marks the first month experiencing a decline in sales since February this year. Let us discuss the overall market trend observed during the past month. Townhouses in the price range of $1.3 million to $1.5 million have experienced a deceleration in activity, resulting in prices slightly lower than those observed a few months ago. In contrast, there is currently more choices for detached properties in the $1.5 million to $1.8 million range compared to a few months ago. Consequently, clients who previously had concerns about being priced out of the market can now adopt a slightly more relaxed approach. However, it is important to note that this does not indicate a general decline in prices. Properties that possess all the desirable qualities are still selling significantly above the listed price, while those with more noticeable flaws are taking longer to sell. Another crucial factor influencing the sale price is the staging and marketing strategies employed by realtors. People are more inclined to offer higher amounts for properties that are well-maintained and visually appealing. To illustrate, two properties in the Van East area were sold in June, serving as examples. If you have financial constraints (as most people do), opting for renovations can provide a cost-effective approach to acquiring a property in a sought-after location while still saving money.
