February Market Report Highlights:
🏦 Bank of Canada maintains interest rates at 5% for the fourth consecutive time 🔄. Predicted by economists, the last rate hike occurred in July 2023 ⏩.
📈 Inflation exceeds expectations, driven by a Jan 1, 2024 carbon tax hike 🌐. Increased costs in fuel, food, airfare, and rent attributed to transportation expenses and an annual influx of 500,000 people 📈.
❓ Why no rate hike to counter inflation? Major companies experience profit losses, layoffs, indicating a potential recession 📉. A recession could prompt the BOC to lower rates.
🏡 Buying and Selling Tips: Consider waiting for a rate drop before selling investments to attract more buyers. For first-time buyers or those looking to sell and buy, the current market may offer opportunities with minimal price differences among property types.
🏠 Bidding Wars Update:
Bidding wars have reignited around Ontario, with properties priced 100k-200k below market value. GTA homes attract multiple offers when priced at or just below market rates. Kitchener Waterloo and Cambridge are also experiencing increased competition, with reports of 20+ offers on some properties in January 2024.
🌐 Regional Variances:
Other areas like Hamilton, Brantford, and the Niagara region remain relatively flat. Sellers in these areas are holding off, anticipating a potential rate drop.
🔍 Stay tuned for updates on rates and market impacts. Feedback on this market report is welcome! 📊
Rav Sarai
(647) 637 0506
[email protected]
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