With the Christmas season in full swing and the news that the Bank of Canada dropped the rate by another 50 bps, making that the fifth consecutive cut, December's real estate market brings some noteworthy updates! We've unwrapped the latest stats to give you what matters most.
Current Home Prices
The average home price now sits at $1,106,050, marking a (2.6%) increase from last December. Sellers, a thoughtful strategy is key to navigating the seasonal market. At CHK Real Estate, we have tailored a Seller Plan to set our clients up for success. If you'd like a copy, let's connect!
Timing is Key
Are you considering a sale? On average, homes receive offers within 49 days, with typical closing times ranging from 30 to 90 days. If a new start in 2025 is on your wish list, now's the time to get your home ready for the market! We expect the Spring market to kick off earlier than usual, continuing the trend we've observed over the past three years.
New Listings
November saw a 6.6% boost in new listings compared to this time last year, keeping the market active for buyers and sellers alike. But here's the kicker: sales have risen by 40.1%, highlighting a favourable landscape for sellers.
Inventory levels remain steady, offering buyers solid choices while keeping prices stable (for now). However, the evolving interest rate environment and housing supply challenges will likely shape the market in the coming months. Sellers who price their homes competitively now will have the upper hand before the new year brings further changes.
Let’s Chat! Are you considering moving in 2025? Let's connect to explore your options and set you up for success. Whether you're buying or selling, I'm here to help—reach out, and let's make your real estate goals a reality!
