Canadian Real Estate Prices Still Falling: What does this mean for sellers?
As we head into mid-July, a week after the Bank of Canada announced the 1% hike in the interest rate, Canadian home sales are still down again in June, according to the updated statistics released by the Canadian Real Estate Association (CREA).
Highlights from this report include:
Smaller decline in sales in June (5.6% compared to 7.98% in May)
Cost of borrowing is the “dominant factor” affecting the housing market
Increase of 4.1% of newly listed homes in June
Although the decline seems to be easing a bit compared to the first half of this year, the benchmark prices of a typical home declined by an average of $1,000 per day last month! For sellers, this is significant as it directly impacts the profit of their sale.
How can sellers overcome this daily decrease of value?
1. Stage your home - working with a home stager will help you sell your home fast, and for more money. A home stagger will be able to maximize the positive features of your home quickly and ensure that it appeals to the largest number of buyers. We already know a professionally staged home will typically sell between 30%-50% faster. Time is money!
2. Impactful listing - This includes professional photography of the property, which can make a huge difference when enticing a buyer to come view the home. A home stager can help with this.
3. Marketing of your listing - focus on marketing your property through a variety of channels to ensure it’s reaching the right audience. This may include social media platforms, or even dedicated property websites. A home stager may help with this too.