Some tips from a real estate broker if you’re thinking about buying or selling a home in 2023.

Even with a significantly less active housing market, 2023 might still offer opportunities for Canadian buyers and sellers.

Erica Reddy, a Toronto real estate broker, appeared on CTV’s Your Morning on Wednesday to discuss her advice for buyers and sellers. “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,” she said.

“In the past, the market moved at such a rapid pace. It’s been crazy, but now you have a buyer who can actually come in, whether you’re a seasoned buyer or a first-time buyer, and take your time and really make, in my opinion, a great decision in the market. “.

According to data from the Canadian Real Estate Association, home sales have decreased in the past year after the COVID-19 pandemic caused a spike in activity. Canadian average home prices have decreased similarly and could decline even more this year.

Since March 2022, the Bank of Canada has increased its benchmark interest rate seven times in a row, from 0 percentage points to 4 percentage points, as a response to rising inflation. While this is going on, economists are forecasting a recession in 2023 that will be at the very least mild to moderate.

Budget and affordability should be your top priorities, according to Reddy, if you’re looking to buy.

Determine your needs, wants, willingness to compromise on certain items, whether you’re downsizing or upsizing, and whether you’re looking for a particular school district, all of which will influence your purchase, she advised.

The main piece of advice I give clients is to avoid sitting around eating Minute Rice in their new house, according to Reddy.

She advises those looking to sell that timing is everything.

According to Reddy’s experience, supply and demand are the most crucial factors, and January and February are typically slower months. There is typically a lot of demand and not as much supply. “.

Although there is no better time than now to begin considering getting into the housing market, she advised prospective sellers to understand their motivations for moving and their plans for the future before making any decisions.

“People frequently ask me how long something will take, how much time to plan for, and what it will look like. Based on my experience, I would estimate that it will take between three and six months to look at both the purchase and the sale and to integrate the two. After that, the closing will probably take another three months, according to Reddy.