Well the numbers are in and January is already the first of twelve chapters already done for 2023. January was a very slow month not only just in volume of sales but also in terms of overall inventory. With only just over 1,000 sales this month, sales volume numbers were dismal at best and represented a 55% drop from the same time last year. Important to recognize though that this time last year was nearly the peak of the market before we saw the introduction of interest rate hikes. Even so, last months sales were 43% below the 10 year average. 

With 173% more listings added to the marketplace in January, you would think there would be climbing inventory but only just as there were also many properties that were pulled from the market keeping total inventory below 7,500 units. For reference the region had more than 20,000 listings in the GFC where consumer sentiment echoed the same as it does now and such low inventory is providing a price floor for many Sellers. And with the Sales to Active ratio officially cruising in a balanced market, we are likely seeing a time where selling conditions favour Buyers.

We also explore how HPI prices are beginning flatten out with prices only dropping 0.3% last month. With many indicators pointing to price stabilization and private banks cutting fixed rates as they get more aggressive for what could be an interesting spring market. On the flip side, markets tend to take the path of most pain and with such strong job numbers coming out of the US, it could create a bit of a problem in their efforts to keep inflation in check. Time will tell.

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