I had predicted that the market was going to slow in March and I was actually right on the money! I've got a few listings going right now but it is slow - you can feel it a bit slower. 

I did some research because I wanted to see how homes were selling in Milton relative to the asking price and offer dates. I found 11 homes where the offer dates were scheduled for Monday. The time came and went and either no offers came in or the offers came in low and they relisted on Tuesday. We haven't seen that since last summer.  

So the market has definitely started to slow. BUT... it's in POCKETS. Milton is slowing because there is just so much supply.  You have the pre-owned homes as well as the new homes. There are builders giving keys to buyers for their new properties all the time. There are just so many homes being built and the supply is constantly being replenished. Whereas you get somewhere like Halton Hills - Georgetown - the market is still doing great. 

In rural areas the market is still active as well. I was in on one the other day on Guelph Line - a rural property, 3 acres, a bungalow, listed for $1.1M, which was ridiculously low to start off with.  But it sold and there were 24 offers on it. Selling price was approximately $1.85M.  So, it's slowing in certain pockets because of both affordability and the fact that supply is starting to pick up a little bit.  Other areas, like Acton - is doing well but has slowed just a bit. Georgetown doing really well still. Halton Hills rural areas doing really well.  And Milton starting to slow a bit. 

I make these predictions and some people say that I don't know what I'm talking about.  I spend hours and hours and hours a day studying this stuff!  I'm on real estate discussion forums, I'm on mortgage broker discussion forums. I read and I read and I read and I research.  I'm on BNN all the time checking out how the economy is doing, so I have a bit of a pulse on what's going on. I'm not just logging onto Zillow once every couple of days and using that for my predictions!

So, I think that we are going to head for a bit of a slow down but I still wouldn't be too worried. If you're in it for the long haul it doesn't matter - its a blip. Another prediction I'm going to come out with right now is that in 2024 the rates are going to come back down again. The rate increases are going to have a negative effect on the economy and if that happens, they're going to have to come back down to get things going again.