REALTORS are seeing more traffic at open houses compared to recent months, however, buyers are choosing to remain in a holding pattern for the time being.
Home prices have edged down across all home types in the region over the last seven months.
Economic fundamentals underpinning our market for home buyers and sellers remain strong. Today’s market conditions are largely the result of the mortgage stress test that the federal government imposed at the beginning of last year. This measure, coupled with an increase in mortgage rates, took away as much as 25% of purchasing power from many home buyers trying to enter the market.