Market Analysis for February, 2023

The trend of falling prices and falling sales that began in March 2022 has continued into 2023. January saw the fewest sales in the last ten years, and a sales-to-listings ratio below 50%, indicating a market favouring buyers.

Despite this slow decrease, prices remain about 20% higher than they were in 2020, and double what they were 7-8 years ago. A further adjustment is inevitable, especially considering rising interest rates.

Want to know more about the state of the market? Just ask me, I'll be happy to help.