I just spent the morning analyzing the first quarter stats. I’m going to break down the numbers with you and give my opinion on what is happening in the market and where I think the opportunities are going into the always busy spring market. 

The average price over the first quarter was $586,000. January $571,000, February $615,000, and March $574,000. As you can see prices came down slightly in March from February but overall, they were pretty stable and I don’t see them coming down more which I will explain a little later.

Yesterday the BOC announced they were pausing interest rates for a second time in a row. I think this will increase Buyer confidence and we will see more buyers get back into the market.

I dove into these average numbers deeper and this is what I saw.

The number of total sales is down 31% from the sale time last year!

The number of homes on the market is way up! About 150% higher than this time last year.

The number of homes for sale above $650,000 is almost the highest that it has been in the last 3 years!

However, the number of homes under $500,000 for sale is super low!

Since there aren’t many homes for sale under $500,000 homes in this price range are still maintaining their value and being scooped up quickly with people trying to get into the market. I don’t see homes in this price range coming down further.  

The number of sales above $650,000 is higher than it was during peak time last year! Because there are some many homes for sale in this price range, higher end homes are coming down by quite a bit. Buyers in this price range have a great opportunity to get into a home that was way out of reach for them a year ago! This presents a great opportunity for growing families who have outgrown their homes and need to up-size.

So, if you’re a first-time buyer waiting for a crash to get into the market, I would adjust your strategy because it doesn’t look like those entry level homes aren’t going to significantly come down in price given the low inventory for sale.

Instead, maybe consider what is now being called “house hacking” by purchasing a property with a basement apartment that you can rent out to pay a portion of your mortgage!

I have one that I am listing in a few weeks in the west end on McEwen for somewhere around the 500k range. If you or anyone that you know is interested in something like that to live in or purchase as an investment, let me know!

Hope you enjoyed this break down. If you’re buying or selling this year and want to chat strategy, reach out anytime.

If your bored check out the cool Reel Video I did for the property I listed on College St yesterday for 799k

https://www.youtube.com/shorts/ybtT6Ak9yL0