Is Now a Good Time to Sell?
The market is starting to cool off right now and the listing inventory has increased by approximately 25% in the last couple of months.
In a bid to slow inflation the Bank of Canada has increased interest rates by
50 basis points this past month with more increases on the horizon. The Canadian Real Estate Association still continues to talk of adding in new rules including a cooling off period creating two big factors that will aid the push of the market into more of a "Buyers Market".
Federal and Provincial governments have put budgets in place to help slow down the rise in the Canadian housing market. Plans that include; 2 year ban on foreign investments on Canadian real estate (although this may not include Whistler), new short-term home flipping taxation laws, buyer cooling off periods, and open bidding legislation, in addition to new savings plans for new home buyers. As long as properties continue to be listed at this pace, the market will continue to shift.
All of this suggests that listing sooner rather than later may be more advantageous.
Reach out if you would like to create a listing strategy that aligns with your goals.