2023 back to reality
The new year is officially underway, with the calendar changing over to 2023 the real estate market has gone through quite a transition in the last six months. As fast as as prices increased for the first 2 quarters of 2022 those gains were lost on the back half of 2022 with historical rise in interest rate. Making 2023 quite an interesting time to be in the market. Most economist and large Canadian financial institutions are in agreement that the bottom of the market will happen somewhere in the first half of 2023 with a further decrease in the price is between 3 and 5%. Followed by a stronger end of the year with a potentially the start of quantitative easing and a decrease in interest rate.
This will be our first true balance market over the past decade which means pricing your property will be are more important than ever as listings will take longer to sell and will have more competition throughout every sector of the market. However it’s not all good news for buyers, fundamentals of the Montreal real estate market are still strong with a lack of inventory for overall demand, fueled by a strong domestic economy and a historically low unemployment rate.
There will be opportunities to be hard for both buyer and sellers in 2023 and less rick for drastic wings in the market. We are transitioning from a market where people wanted to buy and sell to a market where people need to buy and sell. It’s never been more important to have a trusted real estate advisor to navigate you through these times.
For more information questions or tips feel free to contact us at the Lacasse Shapcott team