May 2022 sales were up slightly on a monthly and annual basis. Conversely, sold listings were down 65 per cent at the end of May year-over-year basis. While the average sale price has levelled over the last two month it was still up 11 percent compared to last year. With less sales and more homes coming on the market this provides buyers with more negotiating power.
According to TRREB President Kevin Crigger ''Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration,''.
Click the link below to check out the full breakdown of what happened in Milton real estate market for May 2022.
Whether you are considering selling, refinancing or just staying put in your home, now is the time to get a home evaluation! CLICK HERE to set up a FREE home evaluation to find out how much your home is worth in today’s market.
A real estate market never heads in just one direction. Several key factors can drastically influence the direction of the market including mortgage interest rates, employment levels/growth, investment growth, immigration and development. These factors can influence whether we are it is a buyer’s market or a seller’s market .
A buyer’s market exists when there are significantly more homes for sale than there are buyers. The typical end results in a drop in median sale prices over time as homeowners adjust their expectations to the current market conditions.
A seller’s market typically exists when interest rates are low are there are plenty of qualified buyers and not as many homes for sale. Buyers must react quickly and often face multiple offer situations. Prices generally rise under these circumstances.
To learn more, read our blog post about the difference between buyer's market and sellers market
Looking to buy? Have a look at current listings . Questions about the May 2022 Market Data? Reach out to us at homes@Flowersteam.ca .
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