If you listen to the media it is almost always doom and gloom about the real estate market. The media needs to grab and keep your attention with shocking stories. This is why the media may exaggerate or highlight something insignificant or take it out of context. So how do you know what is real and what is exaggerated or incorrect? Let’s look at the media messages now. Without pointing to any particular media channel, the theme in many media sources right now is that the market is going to crash! Interest rates are staying the same but there is fear of rising again, the prices of houses are dropping rapidly, and we haven’t seen the end of it yet. Who and what do you listen to?! Where is the truth?! The proof is in the numbers. We are going to look at three cities across three provinces at the moment. There are no better sources that the real estate boards in your area. To listen to a headline about the Canadian market is useless for an individual homeowner. You need to look at the particular city or town you want to buy in because different economic factors will impact how the market is doing in your area. Let’s compare a few markets across Canada from February 2022 to February 2023: Edmonton, Alberta Detached homes have gone down 6.9% St John’s, Newfoundland Detached homes have gone up by 4.3% Sudbury, Ontario The average price of homes sold decreased by 14.2% As you can see in this example that the housing markets across Canada differ and that is one reason why Canadian data is not that useful for an individual homebuyer. There is close to a 20% difference in the market in St John’s compared to Sudbury at the same time. While the Sudbury housing market prices have decreased, the St John’s market is seeing price increases. Your local realtor can provide you with an up-to-date analysis of the market in your area. They can provide you concrete numbers such as house prices year over year, number of sales, number of houses on the market, length of time on the market, list price compared to sell price, price per square foot and so much more. You do not need to know what all of this means. A highly skilled realtor can use this data to explain exactly what is happening in your desired city and even neighbourhood! Our team looks at numbers because numbers do not lie! We get the facts and that is exactly how we find and negotiate the best deals in any market. A great team with extensive knowledge and expertise can help you save tens of thousands of dollars on the biggest investment that you are likely to make in your entire life!
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