Why is the Marketing Changing & What Can You Expect?

Why is the market changing, and what does it look like these days?

A seller’s market occurs when there are more buyers than homes on the market, leading to more competition between buyers and higher prices 💸

Toronto and surrounding communities were notably in a seller’s market, a trend that only accelerated during 2020 and 2021 as buyers reevaluated their needs and sought out new living arrangements

On the flip side, a buyer’s market takes place when there is greater competition between sellers and prices are lower due to increased supply, as such buyers are more likely to take their time and explore multiple options 🏡

In its report, the CREA noted about 75% of local markets were now balanced, and a handful of others are in buyer’s market territory

These changes are linked to the Bank of Canada's decision to increase interest rates to 2.5%, forcing buyers to qualify for mortgages at a higher rate

Overall, when moving from a seller’s market where it feels like anything will sell, to a buyer’s market where there’s more competition: the more truthful you are in your marketing and the more realistic expectations you have when buying or selling, the more prepared you’ll be for whatever changes come your way

Contact us today to learn more about how our team can help you, we’re never too busy for your questions 🔑

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Source: Michelle McNally, realtor.ca