Next Stage Realty

Real Estate Team

Right at Home Realty, Brokerage*

Mobile:
416-272-5475
Office:
905-637-1700
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Market Update - December 2023

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

 

Interest Rate

On December 6th, the Bank of Canada held the overnight interest rate at 5%. There is growing sentiment that we have seen the peak of interest rates, and that rate cuts could begin next year. (cbc.ca/news) The next rate announcement will be on January 24, 2024.

 

Price Trends

We’ve seen a steady decline in prices over the past six months. There don’t seem to be many buyers willing to make a purchase, the few that do have the advantage of little competition. Looking at the six-year trend – it puts the price decreases this year into perspective compared to the growth we’ve seen since 2018.

 

December 1st Changes to Real Estate

The Real Estate Council of Ontario (RECO) has implemented some changes that took effect as of December 1st 2023.

Here are some of the significant items:

Transparent Offer Option – Sellers will now have the option to share the contents (price, conditions, dates, etc.) of an offer with every buyer that submits an offer. No personal information can be shared.

Self-Represented Party (SRP) – a new term being introduced along with the removal of the term “customer”. People whom choose to be self-represented will not receive any services from a brokerage. Previously, "customers" could receive some basic services.

RECO Information Guide – A guide outlining key information for consumers to understand in working with real estate professionals. This guide must be received, understood, and acknowledged by the consumer.

 

We hope you’ve found this information useful in keeping informed on the market.

Wishing you a Merry Christmas and Happy New Year! Thank you for your support and business this year, hopefully you get some time to relax and enjoy the holidays!