Many Canadian real estate developers questioned and surveyed in the early part of 2022 expected slowness in local market activity as they monitored how the instability played out under convergent economic, social, and environmental pressures. Although some people have been surprised by the shifting environment in 2022, Canada's real estate market has a bright future.

Even if the Canadian housing market is beginning to drop from the heights it touched in early 2022. It can be pretty challenging for homebuyers to find a good offer. However, according to Greene Homes' experts, there are several ways that potential buyers can benefit. One way is to be aware of the latest housing market trends.

Current Housing Market Trends 

Here are some housing market trends to be aware of:

• According to market research reports, after two years of low inventory, fierce competition, and significant price increases, Canada's luxury markets in all the main markets, like Toronto, Vancouver, Halifax, Montréal, and Ottawa, are on a course toward normalcy.

• As the market returns to normal, investors and homebuyers are taking a break and waiting to see where housing prices will settle. However, the instant these buyers return, the marketplace will accelerate because there will also be a slightly higher supply to meet demand.

• Buyers will be uniquely positioned to negotiate rates and agreement terms later in the year. Even though there will be fewer of these homes, some will still draw numerous offers. First-time homebuyers, in particular, should benefit from this market moment. The competition will return (as early as fall this year) once interest rate hikes normalize and purchasers believe market values have peaked.

• Buyers were searching for quick opportunities, such as purchasing a pre-construction condo/home that had gone into default at a discount when the property market was at its hottest early this year. Even though the market has calmed down, buyers must still be able to move quickly once they decide to buy.

• The market prediction is that recent "green" government declarations and actions will strengthen the local economy and, concurrently, the housing market. Despite worries that supply may fall short of the demand, the housing market is expected to achieve higher equilibrium in 2023.

For more details about the latest housing market trends and information about our custom home-building services, call Greene Homes at (613) 389-6545. You can also send us your queries via this Online Form, and we will call you back soon to discuss your requirements.