Friday, January 6, 2023 / by Evelyn Lopes
COMMUNITY MARKET UPDATE | December 2022|
Updated 01-06-2023
Welcome to our monthly real estate community market update!
In this report, we will provide a comprehensive overview of the current state of the real estate market in our local communities. We will cover key metrics such as median home prices, days on market, and inventory levels, as well as any notable trends or changes from the previous month. We will also highlight any new developments or exciting opportunities in the area.
Our goal is to keep you informed about the real estate market and provide valuable insights that can help you make informed decisions about buying, selling, or investing in property. So whether you're a homeowner, a potential buyer, or a real estate professional, we hope you find this report useful and informative.
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Monday, January 2, 2023 / by Evelyn Lopes- Klarine
Last year, one factor drove the real estate market more than any other: rising mortgage rates.
In March 2022, the Bank of Canada began a series of interest rate hikes in an effort to pump the brakes on inflation.1 And while some market sectors have been slow to respond, the housing market has reacted accordingly.
Both demand and home prices have softened, as the primary challenge for buyers has shifted from availability to affordability. And although this higher-mortgage rate environment has been a painful adjustment for many Canadians, it should ultimately lead to a more stable and sustainable real estate market.
So what can we expect in 2023? Will mortgage rates continue to climb? Could home prices come crashing down? While no one can forecast the future with certainty, here’s what several industry experts predict will happen to the Canadian housing market in the coming year.
MORTGAGE RATES WILL EVENTUALLY STOP CLIMBING
Over the2 ...
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Monday, March 1, 2021 / by Evelyn Lopes
While many areas of the economy have contracted, the housing market has stayed remarkably strong. But can the good news last?
When COVID-related shutdowns began in March, real estate brokers and clients scrambled to respond to the shift. Record-low interest rates caused some lenders to call a halt to new underwriting, and homeowners debated whether or not to put their houses on the market. However, those first days of uncertainty ushered in a period of unprecedented growth in the Canadian residential real estate market, which currently accounts for a record-setting 9% of the country’s overall economic output.1
Now, as the spring market approaches, you may be wondering whether the good times can continue to roll on. If you’re a homeowner, should you take advantage of this opportunity by putting your home on the market? If you’re a buyer, should you jump in and risk paying too much? Below we answer some of your most pressing questions.
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