Once again, the bank of Canada has increased its interest rates, further dampening the real estate market in Southern Ontario. We are largely expected to see another small increase in the upcoming Bank of Canada announcement on October 26, 2022, which keeps many buyers on the fence.
With that being said, we have seen a larger uptick in activity at the new pricing levels and have personally been in two multiple-offer situations in the previous week. While the home competition was strong, all offers had conditions for financing and home inspections, which we would have never seen in March. We also didn’t see the sales prices go crazy, essentially those homes sold for at or below what they would have sold for had they not had an “offer date”.
So, what should you make of the market? Is now the right time for you to buy or sell? Find out by watching the video below and see how your specific market is performing by clicking the link for the Market Report for your community.