With The Bank of Canada (BOC) increasing the key policy rate for the 8th time since March 2022 by 25 basis points to 4.5% on January 25th (the highest level in 15 years), The Canadian Central Bank indicated it would pause its hiking cycle IF economic conditions remain stable, as it pursues its goal of bringing decades-high inflation back to a target level of 2%.

 

The latest hike is essentially the limit of what some borrowers can handle, and The Bank appears to understand that. The end of the interest rate hikes signals good news for the housing market, and is giving borrowers hope. This is good news!

 

 

Total residential sales in January included:

 

There were 579 new listings added to the MLS System in Waterloo Region last month, a decrease of 13.3% compared to January of last year and a 28.7% decrease compared to the previous ten-year average for January.

 

The total number of homes available for sale in active status at the end of January was 651, an increase of 167.9% compared to January of last year and 34.7% below the previous ten-year average of 998 listings for January.

 

The number of months of inventory is up 233.3% compared to January of last year, but still historically low at one month. Between 2011 and 2015, January’s average months of inventory was 3.0 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.  

 

The average number of days to sell in January was 25, compared to 9 days in January 2022. The previous 5-year average is 21 days.

 

The demographic of buyers is also shifting as we observe fewer buyers coming from the GTA into the region. While there are still some, it is nowhere like it was last January.

 

If you have questions about this constantly evolving market, or are thinking of buying or selling now or at some point soon, contact us today to discuss. 

There’s no doubt about it. The more “move in” ready your property is, the more attractive it will be to buyers. There is always an advantage when buyers can imagine living in the home without having to make any major repairs or improvements — at least for the short term.

 

Not necessarily. For example, say your flooring needs replacing soon. Sure updating that may influence the interest-level of some buyers in your property, yet homes still sell every day with these kinds of cosmetic issues. 

 

What it comes down to is cost-versus-benefit. 

For example, painting costs little compared to other types of home improvements, yet can make a big difference in the impression of your home. Therefore, the benefit of this update is high compared to the little cost. 

 

On the other hand, redoing your kitchen is an expensive undertaking. Although you’re likely to add incredible value to your home as a result of the renovation, you might not get your entire investment back when you sell. As well, your style of renovating may not be the same design that your potential buyers are attracted to. In this case, the benefit of this update is low compared to the high cost. 

 

With this in mind, we encourage you to consider each home improvement project you’re considering based on its cost, how much more you’ll get for your home, and how much more quickly you anticipate your property will sell.

There are few certainties in this world, but there are surefire ways to sell your property faster regardless of market conditions. These strategies have been proven time and time again. 

 

1. Clean and tidy up - Making your home “guest ready” is the easiest way to make a good first impression to potential buyers during the viewing. 

 

2. Declutter - The more spacious your home looks, the more impressive it will be to buyers. You should consider boxing up for storage, selling or donating any items you don't use.

 

3. Price it right - Deciding on the right listing price is crucial. If it's too high, you'll discourage otherwise qualified buyers from viewing your home. If it's too low, you might send the wrong message to the marketplace. Make sure to get your home price properly assessed. 

 

4. Optimize curb appeal - The better your home looks from the street, the more buyers will become interested at quick glance to view your property. First impressions are important, so you want to make sure you make a good impression that lasts. 

 

5. Stage your home - This doesn't necessarily mean replacing all of your furniture, but studies consistently confirm that a well-staged home sells significantly faster than other properties.

 

6. Leverage the latest marketing and selling tactics - You want the marketing of your home to bring in the most qualified and interested buyers. In turn, you want the sales strategies that turn those buyers into offers and negotiation skills to turn the right offer into a sale. 

 

Remember to keep these 6 proven strategies in mind when considering putting your home up for sale on the market. If you would like professional support with any of these, we can help!