In my last market report (Nov 11, 2022) I outlined how the market had peaked in March and declined through 2022. My post ended with "Will be interesting to see what spring 2023 will look like."

It is now April 17th, 2023 and I can say that there is nothing very "interesting" (dramatic) to report - the price decline has certainly SLOWED, and has even started to reverse in some of the markets on the Island. "This could indicate that they’re bottoming out, and when the market shifts – and it always does – it usually happens without much of a warning," said Kelly O'Dwyer, chair of our real estate board.

The optimism seems well-founded. Sales volume of (detached) homes on the Island increased by 73% in March compared to the previous month. People are…

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