We have seen real estate go up and down like a bit of a roller coaster for the last years. During Covid, the market exploded and sales went through the roof.
This amazing seller’s market lasted for quite some time and normalized again in 2023. Since then, it has been easier for buyers to shop around and take more time to find their perfect home.
The Bank of Canada has lowered their interest rates several times this year.
This is good news, in the sense that it makes it easier for first time buyers to enter the real estate market, as well as giving other potential buyers the opportunity to purchase a higher priced property.
It can also be profitable to sellers, as it could mean a quicker sale of their property and perhaps even multiple offers, giving them a chance to sell over asking price.
However, this can cause the demand for the housing market to increase, which could cause prices to go up. In the end, it is all about supply and demand.
This of course shows how dynamic the real estate market is and always has been. Many factors come into play and it is important to navigate your way through this.
The latest news from the Bank of Canada came yesterday, October 23, announcing that the overnight rate has been lowered to 3.3/4%, with the Bank Rate at 4% and the deposit rate at 3¾%.
Read more here: https://www.bankofcanada.ca/2024/10/fad-press-release-2024-10-23/
How could this affect buyers and sellers? Text/call me for more information. I am here to help you make sense of all of this. 905-321-5050.
T.