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Open House - The Real Estate & Mortgage Show: August 13th, 2022

Open House - The Real Estate & Mortgage Show: August 13th, 2022

Date Posted: August 15, 2022

The last BoC (Bank of Canada) interest rate increase has slowed down the market quite a bit. We are no longer in the times of a seller’s market and are in a more balanced market today. House prices are slowly coming back down to a reasonable level, and we are seeing some areas of the market favouring buyers and some favouring sellers.

As mentioned in previous radio shows, you are still getting a great deal if you are selling your home today. We saw a big spike in March and April of 2022 but comparing with 6 months ago, houses are still selling for $90,000 more than they were on average.

We are predicting another increase from BoC in September will be around .25%. Inflation numbers are predicted to come in between 6% and 7% after the month of August which will ideally result in a .25% increase in September. They will have 3 more meetings this year with possible increases, however, it is difficult to predict what amount the increases will be this early.

 

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