The Pickering real estate market saw average home prices tick up 3.5% from November to December 2022. Despite this monthly increase, Pickering home prices are down 4% prices year-over-year and the number of homes sold was down 45% compared to the same period last year.
The market conditions in Pickering today reflect a trend seen in many real estate markets across the country. Despite a slowdown in sales, prices have remained relatively stable due mostly to new listings trending downward with each successive rate hike.
If you are looking to buy or sell property in Pickering, now may be the ideal time to take up the search. It seems the interest rate hikes are behind us and home prices have come down substantially since last year. The immigration policy continues to be to bring in more people than we have homes so all signs point to substantial surging home prices if inventory continues it's downward trend.
It's anecdotal right now, but I'm seeing multiple offers on some of the properties I'm showing and if this continues FOMO will set in sooner rather than later.