What to Expect From the Real Estate Market this Fall

By: Jeff Ham & Christy D'Oliveira

What to Expect From the Real Estate Market this Fall

Tags: Real Estate

As summer is slowly ending, it is the perfect time to look at fall predictions for the real estate market. These past few months and years, we experienced unprecedented growth. The real estate market continually surprised us with the growing prices. So what will the future bring? Is it still going to be a seller's market? In this article, we explain what you should expect in the fall.

Are prices still going to rise?

If you've paid attention to the real estate market in Canada, you have probably noticed it has been shifting. For two years, we experienced fascinating upheaval, primarily driven by the pandemic. However, the interest rates are getting bigger, and home prices are slowly decreasing with inflation on the rise. That doesn't mean all buyers can now clap their hands.  
Mortgage rates have risen too. Currently, the monthly mortgage payment is 75% higher than it was three years ago. Unfortunately, earnings aren't keeping up with inflation. Therefore housing affordability is reducing. Although slight change can be seen, according to economists, home prices aren't expected to fall significantly soon. Still, this is an excellent opportunity for buyers recently locked in a mortgage rate. 
The areas which have experienced the hardest hit by price drops are southern Ontario and Chilliwack, B.C. In fall, that will most likely continue.

More properties to come

Although the prices will still be relatively high, more options will arise too. Economists believe that the number of homes for sale will continue to grow. With the high costs, shoppers must consider their budget priorities. Since there will be an increase in listings, finding a property that fits their needs and interests will be easier.  

Tips for buying or selling real estate in the fall

Even if the market conditions aren't in your favour, it is not always possible to wait for a better time. If you need to sell or purchase a property right now, we've got two tips to help you navigate the changes.

Be patient

As a buyer, practising patience is now more important than ever. The scarcity mentality has driven people to make fast, often thoughtless decisions. Figure out what your budget is and stick to it. 
There is a slight uptick in the homes available, but remember that you will still have to face high prices and mortgage rates (in the 6% range). If you have the luxury of time, don't rush into making decisions. Once you purchase a house, you won't be able to return it.

Work with professionals

Whether you wish to sell or buy, having a professional's assistance will be incredibly advantageous. You should find a real estate agent who is well acquainted with the area and understands the value of current market conditions.  
Working together, you can price your property competitively and showcase it in the best possible way. Since the market is cooling down and will continue to do so in the fall, it is essential to fix your house as much as possible. Declutter, organize, clean, and make sure there is enough lighting.

Contact Us

In the upcoming months, the Canadian real estate market is guaranteed to shift even more. If you are unsure how to take advantage of the changes, our real estate team will happily help! Reach out to us here.