The number of homes for sale is continuing to grow compared to last year as time on market slows but home inventory is still below pre-pandemic levels. Larger annual declines seen previously in newly listed homes and pending home listings have started to moderate, and the decline in the median home list price growth rate has also moderated, potentially signalling lower but stabilizing housing market activity.
Strong population growth based on record immigration and robust job creation across a diversity of economic sectors drove rental demand in 2022.
The average rent for a one-bedroom condominium apartment increased by 19 per cent to $2,503 in the fourth quarter of 2022. Over the same period, the average two-bedroom rent increased by 14.1 per cent to $3,178.
Average condominium apartment rents continued to increase by double-digit annual rates in the fourth quarter of 2022. However, while market conditions remained tight enough to support very strong rent growth, there was more balance in the rental marketplace compared to the same period a year earlier in 2021. Tight rental market conditions and strong rent increases will be the norm more often than not for the foreseeable future
For buyers, a slower pace of home sales and more inventory provide more opportunities to find their ideal home, but prices in most areas across the country are still higher than last year and interest rates continue to cut into home affordability. For sellers, stabilizing price growth could mean more certainty going forward, but market activity remains low due to affordability challenges.
Great opportunities exist in the real estate market. Whether to upgrade your existing home, to buy an investment property or a condo, the next few months is a great time as others wait to see what happens. Give me a call and let’s chat about the opportunities that exist. If you know of anyone with questions about the market, please give me a call and I will be happy to reach out and help them.
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