Even with a much cooler housing market, 2023 may still present opportunities for both buyers and sellers in Canada.
"I think it's going to be a kind and actually more gentle market than what we've seen, and I think for anybody looking to enter they've got time on their side and we haven't had that," said Toronto real estate broker Erica Reddy, who shared her tips for buyers and sellers during an appearance on CTV's Your Morning on Wednesday.
"It's been such a fast-paced market in the past. It's been just crazy and now you've got a buyer that can actually come in, whether you're a seasoned buyer or a first-time buyer, and take your time and really make, I think, a great decision in the marketplace."
Home sales have fallen in the past year after the COVID-19 pandemic saw a surge in activity, figures from the Canadian Real Estate Association show. Average home prices in Canada have similarly dipped and may drop further this year.
The Bank of Canada has also responded to rising inflation by raising its key interest rate seven consecutive times since March 2022, from 0.25 per cent to 4.25 per cent. Economists, meanwhile, are predicting at the very least a mild to moderate recession for 2023.
If you are looking to buy, Reddy says budget and affordability should be your priorities.
Figure out what you want, what you need, what you're willing to compromise on or not, whether you're downsizing or upsizing, or if you're looking for a specific school district, all of which will shape your purchase, she said.
"My biggest piece of advice to clients is you don't want to be sitting, eating your Minute Rice, in your new home," Reddy said.
As for those looking to sell, she says timing is everything.
"I would say in my experience, supply and demand is most important and January and February, traditionally, are quieter months," Reddy said. "There's not as much supply and there's typically quite a bit of demand."
While this presents a great time to start thinking about entering the housing market, she said potential sellers should know the reasons why they're moving and what their next steps will be before committing to anything.
"People always say to me, 'How long is it going to take? How much time should I expect? What's this going to look like?' And I think in my experience, if you're probably working between three and six months that's a reasonable amount of time that you're going to be dedicating to looking at the purchase and the sale and working the two together. And then probably another three months for closing," Reddy said.
Watch the full interview with Erica Reddy at the top of the article. With files from CTVNews.ca Writer Tom Yun, CTVNews.ca Producer Jennifer Ferreira and The Canadian Press
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
A man set himself on fire on Friday outside the New York courthouse where Donald Trump's historic hush-money trial was taking place as jury selection wrapped up, but officials said he did not appear to have been targeting Trump.
Michael Gordon Jackson, a Saskatchewan man accused of abducting his daughter to prevent her from getting a COVID-19 vaccine, has been found guilty for contravention of a custody order.
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
In a climate of social media-endorsed wellness rituals, plunging into cold water has promised to aid muscle recovery, enhance mental health and support immune system function. But the evidence of such benefits sits on thin ice, according to researchers.
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
A rescue operation for an orca calf trapped in a remote tidal lagoon off Vancouver Island has been put on hold after it started eating seal meat thrown in the water for what is believed to be the first time.
A Manitoba mother is praising firefighters for their quick work in helping her daughter who got stuck at a playground in Lorette, Man.
In a first-of-its-kind ruling, a B.C. judge has awarded a former couple joint custody of their dog.
A First Nation in central British Columbia will build what the federal government says will likely be the largest off-grid solar project in Canada.
Saskatoon police say they will begin searching the city’s landfill for the remains of Mackenzie Lee Trottier, who has been missing for more than three years.
A one-page contract for the purchase of a B.C. home that was handwritten in Chinese has been deemed valid in the province's Supreme Court, leaving the would-be buyer on the hook for more than $400,000.
A Manitoba mother is praising firefighters for their quick work in helping her daughter who got stuck at a playground in Lorette, Man.
The B.C. First Nation involved in the ongoing effort to rescue a stranded killer whale calf on Vancouver Island has asked the government for financial support – but Prime Minister Justin Trudeau was non-committal when asked about the request Friday.
North Korea said Saturday it tested a “super-large” cruise missile warhead and a new anti-aircraft missile in a western coastal area as it expands military capabilities in the face of deepening tensions with the United States and South Korea.
Two mayoral candidates in Mexico were found dead Friday, bringing to 17 the number of contenders slain in the lead-up to the June 2 election.
Some 800,000 people in a Sudanese city are in 'extreme and immediate danger' as worsening violence advances and threatens to "unleash bloody intercommunal strife throughout Darfur," top UN officials warned the Security Council on Friday.
Israel and Iran on Friday both played down an apparent Israeli airstrike near a major air base and nuclear site in central Iran, signalling the two bitter enemies are ready to prevent their latest eruption of violence from escalating into a full-blown regional war.
New York lawmakers are proposing rules to humanely drive down the population of rats and other rodents, eyeing contraception and a ban on glue traps as alternatives to poison or a slow, brutal death.
A full jury of 12 people and six alternates was seated Friday in Donald Trump’s hush money case, setting the stage for opening statements next week in the first criminal trial of a former U.S. president.
Bank of Canada governor Tiff Macklem says Canada's fiscal position has 'not changed significantly' following the release of the federal government's budget.
Canada's premiers are warning the federal government not to overreach into their jurisdictions when it comes to delivering the programs laid out in Ottawa's latest budget.
Canada called for 'all parties' to de-escalate rising tensions in the Mideast following an apparent Israeli drone attack against Iran overnight.
In a climate of social media-endorsed wellness rituals, plunging into cold water has promised to aid muscle recovery, enhance mental health and support immune system function. But the evidence of such benefits sits on thin ice, according to researchers.
Dengue cases are surging in the Americas, with cases reported topping 5.2 million as of this week, surpassing a yearly record set in 2023, according to the Pan American Health Organization (PAHO).
The World Health Organization is likely to issue a wider warning about contaminated Johnson and Johnson-made children's cough syrup found in Nigeria last week, it said in an email.
Olympic organizers unveiled their strategy Friday to use artificial intelligence in sports, joining the global rush to capitalize on the rapidly advancing technology.
An ancient giant snake in India might have been longer than a school bus and weighed a tonne, researchers reported Thursday.
New archeological investigations in Guatemala reveal that the ancient Maya people had a ritual of burning royal human remains as a public display of political regime change.
She's the title character of 'Bluey,' a kids' program consisting of seven-minute episodes that have enraptured children and adults alike. This week's release of its longest episode yet — at a whopping 28 minutes — prompted an outpouring of appreciation for the show, even from those who are neither toddler nor parent.
During a guest appearance on 'Jimmy Kimmel Live,' Nick Offerman told a story from years ago he said his parents didn't know: he once spent a night in jail.
On Friday, the pop star released her 11th album and at 2 a.m. Eastern, she released "The Tortured Poets Department: The Anthology," featuring 15 additional songs.
Lululemon Athletica will close its distribution centre in the state of Washington at the end of the year and lay off more than 100 employees, the apparel retailer told Reuters on Friday.
Netflix shares fell on Friday, as its surprise move to stop sharing subscriber additions and average revenue per member from 2025 sowed doubts in investor minds about growth peaking in some markets for the streaming pioneer.
The Body Shop Canada is exploring a sale as it struggles to get its hands on enough inventory to keep up with "robust" sales after announcing it would file for creditor protection and close 33 stores.
A GoFundMe campaign for a Moncton drummer has raised around $49,500 in just a few weeks.
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
Saturday marks marijuana culture’s high holiday, 4/20, when college students gather — at 4:20 p.m. — in clouds of smoke on campus quads and pot shops in legal-weed states thank their customers with discounts.
The U.S.’s Federal Aviation Administration is investigating a video that appears to show unauthorized personnel in the cockpit of a charted Colorado Rockies flight to Toronto.
The Winnipeg Jets will face the Colorado Avalanche for the first time ever in the Stanley Cup Playoffs
Eight of Formula One legend Michael Schumacher's luxury and personalized watches are going up for auction – and they could sell for more than US$4.8 million in total.
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
Tesla is recalling 3,878 of its 2024 Cybertrucks after it discovered that the accelerator pedal can become stuck, potentially causing the vehicle to accelerate unintentionally and increase the risk of a crash.
A driver from London will have to find alternative transportation after an OPP officer clocked them travelling nearly 200 km/h on Highway 401 over the weekend.
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Molly Knight, a grade four student in Nova Scotia, noticed her school library did not have many books on female athletes, so she started her own book drive in hopes of changing that.
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.
When Les Robertson was walking home from the gym in North Vancouver's Lower Lonsdale neighbourhood three weeks ago, he did a double take. Standing near a burrow it had dug in a vacant lot near East 1st Street and St. Georges Avenue was a yellow-bellied marmot.
A moulting seal who was relocated after drawing daily crowds of onlookers in Greater Victoria has made a surprise return, after what officials described as an 'astonishing' six-day journey.
Just steps from Parliament Hill is a barber shop that for the last 100 years has catered to everyone from prime ministers to tourists.
A high score on a Foo Fighters pinball machine has Edmonton player Dave Formenti on a high.
A compound used to treat sour gas that's been linked to fertility issues in cattle has been found throughout groundwater in the Prairies, according to a new study.
In a first-of-its-kind ruling, a B.C. judge has awarded a former couple joint custody of their dog.
A one-page contract for the purchase of a B.C. home that was handwritten in Chinese has been deemed valid in the province's Supreme Court, leaving the would-be buyer on the hook for more than $400,000.
Since moving to B.C. from Colombia to go to university, Marylin Moreno has been a regular at Tim Hortons – and she always scans her app so she can play the iconic Roll Up To Win contest.
Ontario Registered Early Childhood Educators (RECEs) are still waiting for their promised 2024 wage increases and advocates say the delay is causing stress for workers.
The U.S.’s Federal Aviation Administration is investigating a video that appears to show unauthorized personnel in the cockpit of a charted Colorado Rockies flight to Toronto.
Police have released video footage of a dramatic takedown of a group of teens wanted in connection with an attempted carjacking in Markham earlier this month.
It seemed like their world was crashing in when free mental health services changed the lives of a Calgary family and now they are trying to help others get the same support.
A pair of Calgary dancers are among the B-Boys and B-Girls in town to compete in a Red Bull BC one qualifying event Saturday night.
Winston Campbell granted bail at first court appearance
As the City of Ottawa faces a housing shortage, there is controversy brewing in Centretown over a proposed redevelopment that many tenants say could leave them homeless.
Ontario Provincial Police have landed a suspect following a fishy theft in Beachburg, Ont.
Time could soon run out on free on-street parking in Ottawa's Westboro, Wellington West and Hintonburg neighbourhoods.
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
A 39-year-old woman was sent to hospital with serious injuries after police say she was stabbed inside a motel room in Montreal's west end Friday morning.
There was once a beautiful restaurant on the ninth floor of the former Eaton's department store. It closed 25 years ago, but many in Montreal still talk about it. Soon, Le 9ieme will open to diners once again.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The city's transition to governing its own police force comes as Alberta's public safety minister cites concerns with the province's policing contract with the RCMP, which expires in 2032.
Family and friends of an Edmonton couple killed in an impaired driving crash packed into a courtroom for the sentencing hearing Friday.
Nova Scotia Justice Minister Brad Johns has resigned, according to a short statement from Premier Tim Houston on Friday evening.
CTV Atlantic meteorologist Kalin Mitchell says a large part of the Maritimes should have ideal viewing conditions for the Lyrid meteor shower Sunday overnight into Monday morning.
Gary Crossman, New Brunswick’s minister of environment and climate change, has resigned from Blaine Higgs’ Progressive Conservative cabinet effective immediately.
Mrs. Mikes shut down last year after a half-century of serving the community. Now its doors have reopened and Winnipeggers were lined up to get their fill, even as snow fell on them.
The Winnipeg Airports Authority is doing an extensive repaving project to its largest runway.
A Manitoba mother is praising firefighters for their quick work in helping her daughter who got stuck at a playground in Lorette, Man.
Michael Gordon Jackson, a Saskatchewan man accused of abducting his daughter to prevent her from getting a COVID-19 vaccine, has been found guilty for contravention of a custody order.
Teachers have three weeks to consider how they’ll vote on an offer from the provincial bargaining committee. But where does the dispute go next?
Saskatoon police say they will begin searching the city’s landfill for the remains of Mackenzie Lee Trottier, who has been missing for more than three years.
A controversial land acquisition proposed in Wilmot Township is once again in the spotlight, as Ontario NDP leader Marit Stiles hosts a town hall in the community, calling the deal “eerily similar” to the Greenbelt scandal.
It was an emotional day in court as close to a dozen people read victim impact statements to the man charged with impaired driving in a double-fatal Cambridge crash.
A Canadian Hall of Fame golfer from Kitchener is finally getting recognition for starting the skip-shot tradition at The Masters.
Saskatoon is grappling with the tragic death of 24-year-old Melissa Duquette, whose body was discovered on April 15. A day later, authorities confirmed her death as a homicide, sparking deep sorrow and calls for action within the community.
A Saskatoon Provincial Court judge will determine whether testimony from a woman, charged with impaired driving causing the death of a child, will be used as evidence in her trial.
Teachers have three weeks to consider how they’ll vote on an offer from the provincial bargaining committee. But where does the dispute go next?
Police in Sault Ste. Marie charged a 22-year-old man with animal cruelty following an attack on a dog Thursday morning.
A man set himself on fire on Friday outside the New York courthouse where Donald Trump's historic hush-money trial was taking place as jury selection wrapped up, but officials said he did not appear to have been targeting Trump.
A flood warning was issued Friday for the Lake Nipissing shoreline in North Bay, Callander and the Parks Creek watershed.
‘Onto Adelaide and just zip down’: Cars no longer have to deal with trains on Adelaide Street North, near Central Avenue.
A witness at the sexual assault trial involving parents is adamant the children involved in the trial are all telling the truth about what they had to endure during their upbringing.
A city councillor said she’s concerned the city is encouraging homeless encampments rather than finding more permanent solutions.
One person has been charged following a collision on Highway 400 in Barrie Friday morning that sent a vehicle rolling into a ditch.
The first provincial pharmacist care walk-in clinic has opened at the Rexall in the north end of Barrie to provide more immediate care for minor illnesses and chronic care in a more private setting.
Police are hoping to identify the person(s) who allegedly broke into a Barrie home and caused extensive water damage.
A Windsor man convicted in a violent murder 20 years ago awaits ruling on bid for early parole.
Windsor police have charged a 21-year-old man with stunt driving following a collision at a commercial property.
Windsor photographer and director Syx Langemann is hosting a free Record Store Day screening of his new docuseries ‘Spinning Stories’ that explores the recent resurgence in vinyl records.
A rescue operation for an orca calf trapped in a remote tidal lagoon off Vancouver Island has been put on hold after it started eating seal meat thrown in the water for what is believed to be the first time.
For as long as Mandy-Rae Krack can recall, the water has inspired wonder.
Mounties say seven people have been arrested after a series of co-ordinated property searches on Vancouver Island yielded multiple firearms, including 3D-printed handguns, and several kilograms of drugs.
A banana ball python that was stolen from a Kelowna pet store on Saturday has been returned unharmed, Mounties said.
Nurses held a rally Wednesday at a hospital in the B.C. Interior that closed its emergency department more than a dozen times last year due to insufficient staff.
British Columbia is planning to add 240 new units to its complex-care housing program, providing homes for people with mental-health and addictions challenges that overlap with other serious conditions.
The province has announced the largest water sharing agreement in Alberta’s history, which will see Lethbridge and Medicine Hat, among other municipalities, cut water use.
Mounties say a 32-year-old Medicine Hat woman has been charged in connection with the theft of $60,000 from the Redcliff Legion.
Three men who helped lead and co-ordinate the 2022 border blockade at Coutts, Alta., have been found guilty of public mischief.
A Sault Ste. Marie-based support group for women is hoping to work with other groups to provide more inclusive services.
The war of words between the presidents of Sault College and Conestoga College has escalated into a legal battle.
A 43-year-old has been charged in Sault Ste. Marie after police recorded a vehicle being driven at 113 km/h, nearly double the posted speed limit.
Technology from the 19th century has been brought out of retirement at a Newfoundland gardening store, as staff look for all the help they can get to fill orders during a busy season.
A Celebrity Apex cruise to the Caribbean this month turned into a rocking Newfoundland kitchen party when hundreds of people from Canada's easternmost province happened to be booked on the same ship.
A pricing agreement has been reached between crab fishers and seafood processors that will allow for Newfoundland and Labrador's annual crab fishery to get started.
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
