Kitchen Table Real Estate:

Canadian home sales jump 57 per cent higher in May compared to April

Joseph Kateb

The number of homes sold in Canada in May compared to April has surge 57 per cent but sales are still weakest since 1996 and 40% lower from a year ago.
In a study this week, RBC senior economist Robert Hogue said “We believe the scale will tip in favour of buyers in many markets across Canada and prices will fall modestly, possibly as early as this summer,”
As Ontario is reopening its businesses it is important not to lower our guard. Physical distancing, proper hand hygiene and wearing masks when appropriate are essential tools in fighting the spread of Covid-19. How we can control the second wave of Covid-19 will have a major effect on the economy and the real estate market in general.
The good thing is that we are moving in the right direction. Buyers and sellers are slowly returning to the market and activity is picking up, but for how long?
Right now there aren’t many homes up for sale in the Sioux Lookout area and that is good news for the sellers. Houses don’t stay on the market very long when they are priced right.
So if selling your home was something you had considered before Covid-19, now is your chance. Ask your Realtor to perform a market analysis of your house to find out how much it would actually sell for in today’s market.
If you are a buyer looking for the perfect home, you have to be ready and have your finances in order. You will want to act fast because with the limited number of houses on the market we are seeing multiple offers getting asking. It’s a good thing for the sellers but it is a little harder for the buyers.
Take care of yourself and stay safe above all.