March 2023 Newsletter Introduction

One of the longest winters I have seen in a while which includes snow! Usually as we enter the last week of February to March our weather tends to be pretty mild and wet. However, I didn’t think wind chills and snow be knocking on our door again! I’m sure that may many kids happy in playing the snow but for most of us, we dread the idea of driving out in that weather. I cannot stress the belief that we are definitely not the best drivers! However, I am hoping with the longer days and the warmer temperatures will provide positive energy to everyone. 

So let’s get into the market . As mentioned, there may be another speculation of a interest hike looming in the horizon, however nothing is official yet. But from talking to some mortgage specialists, that the hike will be small and would appears to be last one that the government will implement it. So what does that mean for the real estate world? It means that many new and current buyers will want to take advantage of the lower interest and try to capitalize in buying now than later. As a result, we’re looking at more demand and less supply. There is already a surge of multiple offers in more entry level condos and the 2 bedroom condos in the Tricity areas as these areas stretches more for the dollar value. However, if this keeps up the price gap between different areas may not be that large and buyers could possibly start jumping into larger size homes. At the moment, there are two possible scenarios that may occur – that the market will steadily increase as both buyers and seller are cautiously looking to buy/sell since interest just stabilized or it will lull for some time after the possible interest hike as it may impact the consumer confidence. What are your thoughts on this? 

– Sam