What a Roller Coaster the Last Two Years have been! What will 2023 Bring us?

2022 has been tumultuous year with COVID ending and a return during the middle of the year to a somewhat normalcy in a unprecedented uncertain economic and housing market. Northern Ontario had seen its “Best Year” ever in 2021. Our Company had set record sales & record prices at the beginning of 2022 amid the end of the pandemic though the market now is seeing an adjustment with the average price of a home decreasing slightly with the housing market grappling with rising interest rates and slowing demand.

After a Pandemic-Induced Bull Run – the Housing market has altered due to inflation, recession fears and rising interest rates which have priced some Buyers out of the market and spooked others. Buyers are getting “sticker shock” when they see the impact of rising rates, which is causing them to re-examine their finances and their buying power. Rising interest rates have affected activity in the residential market. In little over six months, Canadian prime rates more than doubled from 2.70% to the current prime rate of 5.45%. Though our market inventory is very low in our demographic area right thru to Sudbury, Rainbow Country , French River over to Sturgeon and thru the Nipissing area in all areas of the market.

On a Very Positive Note – Our demand and sales are not following the Ontario average as stated above though it is taking longer to sell a property and we must be priced correctly. I believe we will regain balance in 2023, albeit with low inventory continuing to place upward pressure on prices. We also believe the market has leveled – Buyers are waiting to buy! It is still a better time as history proves to Sell your site than ever before. Buyers! We’re confident that economic conditions will continue to improve and rates may increase so Buying sooner than later may be prudent.

Another Very Positive Factor is the current market has not affected the demand for many specific products such as Resorts, Trailer Parks , Multi Family Units & First Time Home sites since vacancy levels are so limited & rents are so high .

There is limited inventory – The Market demands certain product! It is a Great Time to List!

We would love to List your Property – Any Time!

Real Estate is a very important decision in your lives & we are here for you – As the Coronavirus ends we all getting back to our common element to share a coffee with a client, travel together, sit together, hug & shake hands when greeting one another. We are cautious & meticulous still about preventing any situations that may lead to compromise – we are prepared!

Reflection a year ago! No time to wait – The time is now! Secure your mortgage rate Buyers?

What is a “True & Known” & a reliable fact is that our Company is resilient & our Team at NNR is a very well – oiled machine & we are all proud to be blessed with our health & faith. Hats off to Vicki-Lynne, Ginette, Sarah, Donalyn, Chris, Tracey, George, Daniel, Jerry, Pamela & my Dad – Michael who turned 93 this year! Our Team is absolutely the Best! At NNR we are more than just a Real Estate company we are a Family Business presenting strong Boutique Style operation with strong values & trust for over 65 years.

Without our Teams loyalty, hard work & exceptional talents we would not be who we are!

We really want to Thank – Give a Big Shout out to those that make my Profession – Our Company able to complete a Real Estate transaction. Thank-you to the Lawyers, Appraisers, Accountants, Bankers, Advertisers, Sign-Makers, Inspectors, MLS Staff, the Insurers, Co-operating Real Estate Companies & all their Support Staff, Web & Internet Technicians. Our sincere appreciation & our heart – felt gratitude is extended to all of you and our Team wishes all of you continued health & happiness in 2023.

“Be the Reason Someone Smiles Today “ ~ Kim

Thank – you for your continued loyalty & interest in our properties, our listings!

Thank-You for your Referrals – Your Business!

On, a lighter note I meandered into my 62nd year & it is with love filled hope, that we at NNR wish all of you time to celebrate Family, good health and success in your endeavors. Lola our Schnauzer is 15 years young it is with great sadness my Brandy passed this summer – So missed – So loved !

Our Team is looking forward to working safely and successfully with you in 2023.

Share Some Love, Kindness & Laughter with Family & Friends !

Kimberly-Ann & Staff of NNR!