We might be starting to see the signs of the market slowing down to catch it's breath after many months of record-setting prices and activity.
April has brought more listings, and less sales compared to March. Prices haven't eased up much yet, but we are seeing less multiple offer situations and less homes selling for over asking price, so it's possible prices will soften if that keeps up.
I suspect detached homes will start to soften but townhomes remain very competitive, and I suspect condos will be the next hot product, two-to-6 months ago condo prices were remaining steady with a 5-10% year-over-year increase, but in these last two months we've seen that shoot up to 20%
If you've been thinking about buying a condo, it's possible that now might be the best shot you get before prices go up!
Give me a call at 604-798-3960 with any questions.
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