There is a definite shift in the market to a more balanced playing field with more and more buyers being able to purchased something without facing competition. Listings are up slightly and the number of showings seem to be waning. Thus taking more time to sell.
Future interest rate hikes will not improve things and those with variable mortgages and lines of credit will be faced with higher carrying costs. The number of sales is also soft. So the upcoming summer real estate activity is not looking too rosy.
The average price of a detached 2 storey home was below the two million dollar mark in May but at a healthy $2419700 in April for a two month average of just under $2.2mm. That's down from March 2022 $2.7mm.
Detached bungalows traded at $1535647 down form April's $1711208. Condo apartments averaged $845272 last month.
The rental market is also very tight with not a lot of choice for renters and sales volumes are about half of what they were a year ago.