In recent years, home sellers have had the advantage but since the market conditions are expected to shift, questions may be arising about what a balanced market is. During the peak of the pandemic, cities across Canada experienced extremely high home prices, from single-family residential properties in highly populated areas to townhomes in rural communities.

Homebuyers had to overcome bidding wars which resulted in some buyers ditching best practices, including home inspections. The market swiftly changed to a seller’s market due to unprecedentedly low mortgage rates. The Bank of Canada (BoC) continues to raise interest rates and the housing market in Canada is moving towards a balanced market. So, what does this mean?

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Source: What Is A Balanced Market? | Re/Max | January 14th, 2023