Market Update: Interest Rates

September 7

So the Bank of Canada held interest rates yesterday, which is good news. But is it? we don’t really know.

What we do know is that we’ve got a bit of a reprieve that there’s not going to be another announcement until October 25th, so it’s a wait and see. But right now, it’s good news.

If you’re looking to get into a home in the fall market, August numbers are in the average price of a home stayed pretty stable at $615,000. The number of homes that sold, again down a bit over last year, but not hugely.

What’s really different is the days on the market. It’s up 23.5% over last year, which we’ve talked about.

It means that it’s taking longer to sell a home.

If you have any questions about the market, contact us. We’re happy to discuss it. Take care.

Watch the market update here

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