May Monthly Market Update

I filmed this on a street I used to drive down every day to my kid's elementary school. It's always been one of my favourite streets in the springtime. We have lower inventory levels than usual but Buyers are active finding opportunities in the our area. Prices have remained strong, leading sellers to increase inventories in the coming months as they seek to capitalize on price growth after holding off for some time. The spring market has also seen a rise in multiple offers on properties.
Previously, supply chain issues were responsible for up to 90% of inflation, but this has now returned to normal. Shipping costs have decreased to pre-crisis levels, and truck driver employment in the US is up by 20%, alleviating previous concerns. While general prices are not falling, they are not continuing to rise, and inflation is on track to reach desired levels at some point in the future. 
Over the next year, the real estate market should normalize, and while some distressed sales may occur in the short term, the overall outlook is positive. However, the pressure is on the government to address the housing supply issue, especially with Canada expecting 1.1 million immigrants or international arrivals who will need homes when they arrive.
This spring market should perform well, with stabilized interest rates and increasing sales. Interest rates are on track to decrease sometime around the first quarter of 2024. They could be lowered to as much as 3% or slightly above, according to Benjamin Tal, Deputy Chief Economist of CIBC World Markets Inc. This level of interest rates could be highly beneficial to the real estate industry.
If you are thinking of selling or else your friends and family are thinking of selling, please call me. I would love to be able to sit down with you and chat about your various options. 
My Seller Services include:• Customized Concierge Services• Home Staging Consult & Staging ( up to $2,000 in value)• Professional Photos & Floor plan• Upsizing & Downsizing strategies• Strategic Local Marketing Plans• Physically present at showings * conditions apply
I look forward to hearing from you!