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Fall is a wonderful time of year. The leaves turn from green to magnificent shades of red, orange, yellow and brown before falling from the trees. Pumpkins, hot apple cider, comfy sweaters, fluffy scarves, boots … these are the things we have to look forward to in the coming weeks.
“Home sales volumes have fallen in the face of economic uncertainty and rising rates, but so too have the number of properties available to purchase. With demand and supply falling in tandem, there is limited downward pressure on prices. Canadian home values should end the year well above pre-pandemic levels, retaining much of the gains made during the real estate boom of 2020 and 2021,” said Phil Soper, President and CEO of Royal LePage.
The Bank of Canada just raised its benchmark interest rate to 3.75 per cent on October 26th. After slashing the lending rate to near zero early in the pandemic, this is the sixth rate increase this year to try and rein in inflation, which has reached its highest levels in decades. Karyne Charbonneau, Executive Director of Economics at CIBC Capital Markets, said the bank's decision to slow the pace of its rate increases means "we are getting closer to the end of the hiking cycle and ... steps of 75 basis points are now behind us."
Many buyers remain active in today’s market and are motivated to transact before their locked-in mortgage pre-approval rates expire. Encouraging factors for active buyers are a return to normalized pricing, the lack of bidding wars and the ability to once again include conditions in their offers.
If you are planning a move, curious to know what your home is currently worth, or wondering where the market is headed, get in touch today. Our Group has navigated seasonal ebbs and flows for more than 30 years, and has the market knowledge and experience to guide you to success.