8 Friday, April 28, 2023brooklintowncrier.com Call Your Local Brooklin Call Your Local Brooklin Realtors, Steph & Elle Realtors, Steph & Elle Direct: 905 655 7236 Office: 905 239 4800 Eleanor KingEleanor King B. N. B. N. RealtorRealtor Maurice KingMaurice King B.E.D.S., B.Arch.B.E.D.S., B.Arch. RealtorRealtor What others are saying... "Trusted advisor!" | "Customer Focused!" | "Local Expert!" | "Professional!" | "Knowledgeable!" "Hard Working!" | "Accessible!" | "Dependable!" | "Patient!" | "Reliable!" "Well Prepared!" | "Honest!" | "Strong Negotiator!" "Superb Service!" Want to know what's happening in the market? Want to Know the Value of your House? Call Us Now! 905.655.7236 There is no cost or obligation! Your Trusted Source to Buy, Sell or Invest! 905.655.7236 view 1000's of Homes for sale at KingHomeTeam.com or KingOfBrooklin.com MARKETING YOUR HOME FOR ALL IT IS WORTH! Why Didn't My House Sell?Go to KingHomeTeam.com/blog for answers.It's a great time to Buy!Homes are on Sale! Oshawa 2 Bedroom for Lease Too Late Bungaloft... SOLD! **Photo similar to house being built Not intended to solicit those under contract. Stability returns to real estate market Encouraged by stable interest rates, many homebuyers are returning to the real estate market, only to find competition tight because of below-average listings. But if you're wondering if you should enter or return to the market, you're not alone. According to the annual RBC Home Ownership Poll, 40% of Canadians expect to pay less now for a home than they would have a year ago, while 37% feel the seller's market has passed its peak compared to 71% who shared that sentiment last year. Others are less certain: 25% are unsure about the type of market we are in and 18% don't know whether now's a great time to buy. For many buyers, the Bank of Canada's (BoC) decision last month to pause its aggressive rate hike campaign and hold the interest rate at 4.5% was the signal they were eagerly awaiting. Many had chosen to pause their search to see where prices and interest rates would land and believe BoC's hold is a sign that stability is finally returning to the market. Spring is typically a busy homebuying season and this year, there may be even more incentive to buy. Almost a third of Canadians believe there's just a small window of time to take advantage of lower house prices, the RBC poll finds. Forty-two percent believe there will be no peak to how high house prices will go once they start rising again. Increased buyer demand, together with low supply, has prompted at least one real estate company to revise its year-end forecast. Royal LePage predicted a 2% drop in the average Greater Toronto Area home price this year but now forecasts a 7.5% year-over-year increase in the fourth quarter as competition for homes escalates. The Canadian Real Estate Association (CREA) has also tweaked its predictions. It expects the average price of a home to end the year 4.8% lower than 2022 but believes prices will rise by roughly the same amount in 2024. Its prediction amounts to an average price of $670,389 this year and $702,214 next year, when prices are expected to increase by 4.7%. New listings are currently at 20-year lows, according to CREA. It predicts the number of houses that exchange hands will drop 1.1% to 492,674 this year before rising 13.9% to 561,090 in 2024. In Canada's major urban centres, sales and new listings are steadily increasing on a month-to-month basis, despite being down compared to this time last year. Here in Durham Region, we saw a surge in new listings from 896 in February to 1,299 in March. That's a 44.9% increase. And in March, the number of houses that exchanged hands hit 864 - a 44% increase over the previous month. The average selling price was $926,142. The King Home Team: Royal Heritage Realty is pleased to see optimism is also driving home buying decisions. The RBC poll found 68% of Canadians looking to buy their first home in the next two years say lower home prices will finally allow them to buy a home despite higher interest rates and 65% are optimistic about the housing market over the next year. If you're thinking about buying or wondering if it's time to upsize or downsize, we understand that you have questions and we're here to answer them so you can make your next move with confidence. Call The King Home Team today at 905.409.6730! Please visit our website at www.kinghometeam.com for a longer version of this article, which includes advice on whether you should list your home before you buy. Search 1000's of Homes. Find SOLD details in your neighbourhood at search.Look4DurhamHomes.com Too Late ... 1/2 Acre Lot SOLD! Too Late ... SOLD! Thinking of Making a Move? Call us for similar results! 905.409.6730 Too Late ... SOLD!