Market Update - Apr 2024

The Bank of Canada held the overnight interest rate at 5% this week. Here’s our perspective:

Interest Rate

The Bank of Canada held its key interest rate at 5% for the sixth consecutive time. While inflation has come down, the central bank indicated they need to see a prolonged trend to be sure it’s not a temporary dip (cbc.ca/news). Analysts are confident there will be a rate cut by July, and predict a 50/50 chance the first rate cut will be at the next announcement on June 5th, 2024 (bnnbloomberg.ca).

Price Trends

Prices are mostly up in March vs February this year – this is the third consecutive month of price increases. Overall, the market feels balanced, which is a welcomed change from the extremes we saw over the past couple years. The past 30 days of sales are a reliable indicator of market value in a balanced market. Looking at the 6-year trend, 2024 is slightly down vs 2023 and looks very similar to 2021.

Thinking of Selling?

We’re coming into the busy selling season! A couple common things we see from sellers:

1.      They underestimate the amount of time required to get their home ready for sale, and

2.      They are overwhelmed with the amount of work required to get their home ready for sale.

If you think you may want to sell your home this year, don’t procrastinate! Give us a call or send us an email. We will give you a market analysis on the value of your home and can help you plan out the process from there. Whether it’s helping to clear out junk, or getting things patched up and looking perfect – we will help take the stress away and ensure you get the most for your home!

We hope you’ve found this information useful in keeping informed on the market. Thank you for your support and business!