Last week, the Bank of Canada announced they are holding rates this time around! After going through a gauntlet of rate hikes, we finally get to sigh in relief. This is hopefully really good news as the August market was pretty slow and another rate hike would've killed everyone's spirits.
What does this mean for the market?
While this rate hold doesn't make money cheaper or give an incentive for people to move, the absence of a rate hike should give consumers some confidence again. If we couple this information with the typical September trend, we should see a bit more activity, but not necessarily price increases. In fact, I would probably bet on prices still coming down a little bit more.
Who Wins in this Market?
First Time Home Buyers and Investors are the usually suspects here. With prices still down from previous highs, there is still a lot of room for prices to go back up in the future when rates normalize. With a long term approach these folks should see a nice increase in equity.
Up-sizers can also be big winners here. While prices are trending downwards you can make up a lot of ground equity wise as price gaps narrow. If homes are down 5% for example, the bigger price tag takes the bigger hit.
------------------------------
DISCLAIMER!
Selling your home may NOT be as easy as it has been over the last 3 years. It's going to take professional marketing, competitive pricing and expert negotiating. So if you're thinking of listing your home, give me a call so you can get the best service money can buy!
Have any questions? Coffee is on ME! Give me a call/text
604-835-9599
What does this mean for the market?
While this rate hold doesn't make money cheaper or give an incentive for people to move, the absence of a rate hike should give consumers some confidence again. If we couple this information with the typical September trend, we should see a bit more activity, but not necessarily price increases. In fact, I would probably bet on prices still coming down a little bit more.
Who Wins in this Market?
First Time Home Buyers and Investors are the usually suspects here. With prices still down from previous highs, there is still a lot of room for prices to go back up in the future when rates normalize. With a long term approach these folks should see a nice increase in equity.
Up-sizers can also be big winners here. While prices are trending downwards you can make up a lot of ground equity wise as price gaps narrow. If homes are down 5% for example, the bigger price tag takes the bigger hit.
------------------------------
DISCLAIMER!
Selling your home may NOT be as easy as it has been over the last 3 years. It's going to take professional marketing, competitive pricing and expert negotiating. So if you're thinking of listing your home, give me a call so you can get the best service money can buy!
Have any questions? Coffee is on ME! Give me a call/text
604-835-9599