The real estate market showcased several positive trends despite a temporary dip in sales activity. With 370 transactions, sales activity saw a decline of 20.3% compared to the previous year. However, the average home price remained robust at $639,486, marking a 4.5% increase from January 2024. This stability in pricing is a strong indicator that interest and demand in the market are still healthy.
Given the stable average prices and the rise in new and active listings, we are optimistic that sales activity will gain momentum in the coming months. The market fundamentals remain strong, and we anticipate a positive rebound in sales activity as we progress through the year.
LSTAR Chair Dale Marsh commented, "The increase in new and active listings is a positive indicator of a robust market. With more properties available, buyers have greater choices, and the steady rise in average prices demonstrates the continued confidence in our market. We are optimistic about the future and believe this trend will benefit both buyers and sellers in the coming months. Additionally, the recent lowering of interest rates in Canada is starting to have a positive impact on the real estate market. Lower borrowing costs are making homeownership more accessible, encouraging more buyers to enter the market and further driving demand. This trend is expected to support continued growth and stability in the housing sector."
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