Thursday, June 1, 2023 / by Evelyn Lopes- Klarine
National Real Estate Market Update for 2023
There’s an old adage in real estate: location, location, location. But ever since the Bank of Canada began its series of inflation-fighting interest rate hikes last year, a new mantra has emerged: mortgage rates, mortgage rates, mortgage rates.
Higher rates had the immediate impact of cooling homebuyer affordability and demand. But when the Bank of Canada announced in early March that it would put additional rate changes on hold, the country's once-frozen housing market began to thaw. Since then, Canadian home sales have bounced higher than expected.
However, many homeowners are still putting off listing. After successfully riding out the past year's turbulence, some homeowners are waiting for prices to more fully recover. Others are holding back because they are unable to port their mortgages and feel beholden to their existing, lower rates. As a result, real estate activity isn't nearly as robust this year as it might have been had more sellers listed their homes.
As eco ...
Higher rates had the immediate impact of cooling homebuyer affordability and demand. But when the Bank of Canada announced in early March that it would put additional rate changes on hold, the country's once-frozen housing market began to thaw. Since then, Canadian home sales have bounced higher than expected.
However, many homeowners are still putting off listing. After successfully riding out the past year's turbulence, some homeowners are waiting for prices to more fully recover. Others are holding back because they are unable to port their mortgages and feel beholden to their existing, lower rates. As a result, real estate activity isn't nearly as robust this year as it might have been had more sellers listed their homes.
As eco ...
