Introduction: The news I read
It’s 2023 already. Staying informed and relying on data and evidence will help you make more informed decisions in the real estate market. It’s important to keep track of trends and changes in the market so you can adjust your strategy accordingly. This can involve staying up to date on market news, reading industry reports and analysis, and tracking key metrics such as home prices, inventory levels, and demand in your local market. It can also be helpful to consult with a real estate professional or do your own research to gain a better understanding of the market and the factors that may be influencing it.
With that in mind, starting now, I will again be periodically sharing the links I read. (I welcome your comments and thoughts and will publish any that add value to the discussion.)
Kitchener-Waterloo real estate statistics for 2022
There were 7,770 homes sold through the MLS in Waterloo Region in 2022. This is a decrease of 24.8% compared to 2021.
It is also 12.4% lower than the previous 5-year average, and 8.2% below the previous 10-year average.
What happened in December?
There were fewer home sales in the Waterloo Region of Ontario in December 2022 compared to December 2021, and that the number of homes sold in December 2022 was lower than any other month in over a decade. The average sale price for all residential properties in the region decreased by 15.5% in December 2022 compared to December 2021. The number of new listings added to the Multiple Listing Service (MLS) in December 2022 decreased compared to December 2021, but the total number of homes available for sale increased significantly. It is noted that the decline in sale prices may have been influenced by interest rate hikes by the Bank of Canada. It is suggested that with predicted stabilization of interest rates, the housing market in the Waterloo Region may be steadier in 2023.
Record Immigration in 2022. How will that affect Canada’s Housing Market in 2023?
It is possible that an increase in immigration to Canada could boost the country’s housing market by increasing the demand for housing. When new immigrants arrive in the country, they may need to find a place to live, which could contribute to the demand for housing. Additionally, as immigrants establish themselves in their new home, they may look to buy a home, further increasing demand. However, it is important to note that other factors, such as the overall state of the economy and housing market, will also impact the housing market.
What to Expect From Canadian Real Estate in 2023
Factors that can affect the real estate market include economic conditions, interest rates, consumer confidence, and government policies. Changes in any of these factors can impact the demand for housing and the prices of homes.
We are living in unique times. Here are four predictions for 2023:
Prices May Finally Bottom Out
BoC Will End its Rate Hike Cycle
Mortgage Carriers Will Feel the Rate Pain
Immigration Will Heat Up Housing Demand
What online searches reveal about the Canadian Homebuyer in 2022
The Canadian homebuyer of 2022 was likely to be a Millennial (aged 25-44) who is searching for a house within the price range of $200,000-$300,000. They were interested in houses with at least 3 bedrooms and 2-3 bathrooms, and are looking for a home that is between 1,000 and 2,000 square feet in size. Online searches for homes were evenly split between men. In certain cities such as Burnaby, BC, condos were more popular, while in other cities like Brampton and Windsor, houses were more popular.
Where I’ve been. My winter vacation in Taiwan
It is so nice to travel again, and travel again I did to my home away from home in Taiwan.