It seems like the residential real estate market is once again returning to more balanced conditions, overall. For September 2023, the sales to active listings ratio was at about 19%. A balanced market is considered to be when the sales to active listings ratio is between 12-20%.
See the graph below:
It seems that higher for longer mortgage rates are presently keeping many potential homebuyers on the sidelines due to higher financing qualification standards (i.e. the stress test).
For people already in the market and looking to simply move and swap equity from one home to another, the calmness of today's housing market may be a good time to consider moving. Places like Surrey, Langley and Abbotsford were once smoking hot seller's markets during the pandemic. Multiple offer situations were commonplace.
Things have now slowed enough for people to be able to conduct proper due diligence and the ability to be very thoughtful with their purchases and sales, without the stress of urgency. Balance can be great for some market participants.