Low Volume But Still Selling!
Despite another rate hike from the bank of Canada, activity remained similar to last month with 4,961 sales taking place, and homes available for sale staying around the 13,000 mark. This shortage of homes kept the average price stable, similar to last month, at $1,089,428, and is 9.9% higher than the end of 2021.
The Bank of Canada’s most recent messaging suggests that they are reaching the end of their tightening cycle and bond yields dipped as a result, suggesting that fixed mortgage rates may trend lower moving forward, which would help affordability and thus sales.
Your Friend in Real Estate,
While this seems like good news, I must admit, it makes me nervous. There are so few homes available for sale, any kind of small uptick in demand could lead to a repeat of rapid price increases as we have experienced before. Despite short-term economic uncertainty, there is no doubt that in the medium-to-long-term, the demand for housing will rebound and rebound quickly due to the shortages that are so evident.
This is a complicated real estate market to navigate. It is highly regional with some areas selling very quickly while others languishing. In this type of market there exist great opportunities to upgrade your home or, now that there’s been a rapid increase in rental rates, an opportunity to buy investment property. Regardless of your needs, you really need to deal with a strong experienced realtor and a worldwide company that can help you navigate and win in this market. I truly feel I am that realtor.
While the increase in borrowing costs have knocked some buyers out of the ability to purchase property, many others who can qualify, have chosen to sit on the sidelines and wait and see what happens.Let’s assess if now is the time for you to sit back or to move forward. My job is not only to sell you a house or to sell your home, my job is to help you solve any real estate questions you may have.
Whatever the case, contact me, let’s talk, after all you have a friend in real estate!
Have a great November!