This Week In The Market - November 7th


I'm not sure if you had a chance to check out our last blog on how today's buyer is saving significantly more than a buyer in 2016. If you'd like to check it out, you can click here.


This week we continue to see the strength of the lower interest rate continue to drive activity in the market. With more scarcity and higher price points being a residual factor.


This past week we saw a 1.6% increase from the same time last year. This increase is normally driven by the higher weight of the single family price point but we are seeing the the attached market contributing to the increase as well. The apartment segment is one were we are still seeing declines. This is where a buyer can see the best value in price to accompany the low interest rates we are currently.

If you having a look down your block or complex and are seeing more and more homes selling, you shouldn't be surprised. Week over week we have seen inventory levels decline in all three segments in our city. The single family market is one where we we are very much in a sellers market and should continue to see this number decline. With more and more buyers taking advantage of the low rates, new construction slowing due to economical and seasonal challenges and the pandemic hindering availability we should see a further scarcity of single family homes. Driving prices to continue to increase.



We can see the number of listings continue to see declines this week. With an 8% decrease in listings and a. 30.3% increase in sales over the last 30 days we can continue to expect the market to see lower inventory levels and higher prices.


Advice


If you are in the market right now to buy your next home. Thats absolutely wonderful and your chance to do so has not declined. As I mentioned in my last article, the price points increasing are less of an impact to your bottom line than the interest rates you are now receiving. Take advantage of this and ensure you are actively looking for your next home knowing you are still not overpaying for your home. If you'd like to learn more about why this is, connect with me (ajanmohamed@cirrealty.ca) and we can discuss your options.


Sellers, the pandemic is a challenge we have to face. The vaccine being available is a great sign of things to come but you will also see your competition for this buyer increase as more and more people will be looking to enter the market now that it is more safe to do so. This spring will be riddled with new inventory and I wouldn't be surprised if the interest rate increases at this time. Your time is now to attract these buyers and give them your home as an option for them. You have little competition and the price points are the best they have been year over year. If you'd like to learn more about how I can help, share some details about your property by clicking here. I'd love to help where I can.


Thank you for your time this week. I hope it helps.


Aly

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