June 2023 Newsletter Introduction
May literally flew by so quickly for me since every weekend there were tons of birthdays, holidays and special days to celebrate with friends and family. Although we did have a blimp of a heat wave – it quickly dissipated to milder but gorgeous sunshine~ Since May, I have been able to finally grieve over a lost of someone very dear and also at excited that there is a new addition to the next generation! 2023 felt like it just arrived but now we’re at the half way mark. I can’t believe we’re heading into Summer already – what plans have you set up?
So what has happened in May? There as been more activity in the market with more buyers and sellers entering in the market and getting ready to start taking the step to either sell or buy as mentioned in the April. However, it has left many agents experience a whirlwind of transaction which seems very unpredictable as the past experiences and scenarios we’re all prepared for wasn’t the expected outcome that we’re use to witnessing. Data is scarce and hard to come by to truly understand if the pricing being listed is going to get the homes to move and buyers to be motivated to purchase. Majority of areas and types of homes have experienced multiple offers but pricing of these homes have stayed consistent within a glass ceiling that some homes aren’t able to break above, So it’s hard to determine what will happen to the market in the latter part of the real estate at this point.
Note that June 7th is when the Bank of Canada will provide an updated interest announcement. Hopefully nothing changes and rates will hold. However, we never know what the government will pull since word on the street that inflation went up 0.2 points which was the opposite of what the gov’t was hoping for. We’ll have to see what will happen but the trajectory of a balance market may have already passed and the market has risen. But the possibility there may be a small dip at the end of the year if the trend of housing prices persistently goes up.
– Sam