Spring 2023 Market Update | Smith-Dobrowky Team
April 21, 2023
Market Update Spring 2023
In the Burlington/Hamilton and Oakville Milton markets we have seen an uptick in month-over-month prices, as well as decreases in fixed mortgage rates which has given buyers the confidence to step back into the market since the beginning of the year. All house styles in the local market are up except for the condo market which has slightly declined. We expect to see a tight supply going forward, putting increased upwards pressure on prices in the short term. Inventories are still near record lows and levels fell below two months. The shift in the market has resulted in more price stability and is much more comparable to the pre-pandemic market. While prices are lower than the highs reported in 2022, it is important to note that last year’s year-over-year growth was over 24 per cent.
Our market has experienced significant price growth since 2019 when home prices were still below $600,000. Sales inventories did not see the uptick that some expected as the banks are working to keep people in their homes offering interest only payments and extended amortizations as we have seen a significant uptick in amortizations over 30 years. This year is expected to be a very cautious and a difficult market to forecast as we have record immigration combined with price instability and currency issues that may cause immense turmoil in the months to come. I expect so see strong sales in the inventory available over the short term with uncertainty ahead economically with a very strong demand that solutions being implemented won’t be tempered for some years to come.
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