New Year 2022

January 4, 2022

As usual the latest market stats will appear in my monthly Stilhavn newsletter. If you are not a subscriber and would like to be, please let me know. This below is my personal take on what’s happening out there.

As predicted in my last newsletter, the final quarter of 2021 was another very strong one. While the MLS stats, when released shortly, may report a slightly lower volume of sales in December, that was only due to the desperate lack of inventory. Multiple offer scenarios were commonplace right up to and including Christmas Eve! Typically the market slows down from at least mid December to mid January and it can then take several weeks to pick back up to full speed. However I do not believe that will be the case this year. Low supply, ferociously high demand and absurdly low interest rates (which are threatening to rise soon if not necessarily by that much) all point to a market which will pick right back up where it left off less than 2 weeks ago!

As usual within the big picture there are also multiple smaller variations at play. For instance, opportunities that were plentiful Downtown just a few weeks ago are becoming rarer and rarer. Smaller condos, which had struggled to sell as buyers sought more space further afield in the height of lockdown, are starting to see multiple offers once again. Investors are also seeing value here and stepping back in to add to the demand. While this hasn’t yet been heavily reflected in the prices, I believe that is only a matter of time, especially with the prices in outlying areas having increased so much in relation over the past 2 years. The gap is too wide in my opinion, so either the Downtown values will rise or the outlying areas will soften. Given the bigger picture described above, the former is far more likely. 

So what does this all mean for you if you’re considering a move this year? Weaving your own needs and life plans into the complex tapestry above is where I come in. No matter how early in the planning process you are, please don’t hesitate to reach out to me and we can begin to develop a strategy together. 

All the best,