Even with a much cooler housing market, 2023 may still present opportunities for both buyers and sellers in Canada.
"I think it's going to be a kind and actually more gentle market than what we've seen, and I think for anybody looking to enter they've got time on their side and we haven't had that," said Toronto real estate broker Erica Reddy, who shared her tips for buyers and sellers during an appearance on CTV's Your Morning on Wednesday.
"It's been such a fast-paced market in the past. It's been just crazy and now you've got a buyer that can actually come in, whether you're a seasoned buyer or a first-time buyer, and take your time and really make, I think, a great decision in the marketplace."
Home sales have fallen in the past year after the COVID-19 pandemic saw a surge in activity, figures from the Canadian Real Estate Association show. Average home prices in Canada have similarly dipped and may drop further this year.
The Bank of Canada has also responded to rising inflation by raising its key interest rate seven consecutive times since March 2022, from 0.25 per cent to 4.25 per cent. Economists, meanwhile, are predicting at the very least a mild to moderate recession for 2023.
If you are looking to buy, Reddy says budget and affordability should be your priorities.
Figure out what you want, what you need, what you're willing to compromise on or not, whether you're downsizing or upsizing, or if you're looking for a specific school district, all of which will shape your purchase, she said.
"My biggest piece of advice to clients is you don't want to be sitting, eating your Minute Rice, in your new home," Reddy said.
As for those looking to sell, she says timing is everything.
"I would say in my experience, supply and demand is most important and January and February, traditionally, are quieter months," Reddy said. "There's not as much supply and there's typically quite a bit of demand."
While this presents a great time to start thinking about entering the housing market, she said potential sellers should know the reasons why they're moving and what their next steps will be before committing to anything.
"People always say to me, 'How long is it going to take? How much time should I expect? What's this going to look like?' And I think in my experience, if you're probably working between three and six months that's a reasonable amount of time that you're going to be dedicating to looking at the purchase and the sale and working the two together. And then probably another three months for closing," Reddy said.
Watch the full interview with Erica Reddy at the top of the article. With files from CTVNews.ca Writer Tom Yun, CTVNews.ca Producer Jennifer Ferreira and The Canadian Press
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