Next Stage Realty

Real Estate Team

Right at Home Realty, Brokerage*

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416-272-5475
Office:
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Market Update - Jan 2024

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

 

Interest Rate

The central bank's governor, Tiff Macklem, said further rate hikes are not likely at this point; the discussion now is how long before rates drop. Economists predict that rates cuts will begin by June 2024 at the earliest (thestar.com/business). The next rate announcement will be on March 6th, 2024.
 

Price Trend

We are noticing a shift as buyers come back into the market after the holidays. Listings seem to be selling slightly quicker, although the market still leans in favour of buyers. Prices are down slightly compared to the 2023 average.

 

 

 

Buyer Opportunities - Preconstruction Assignments

One impact of the rising rates from the past couple years in combination with declining prices over last year is that a number of consumers who purchased pre-construction developments need to sell them before closing. (cbc.ca/news).

When faced with this situation, their best option is usually to ‘assign’ their agreement to a new buyer. Depending on the situation, these assignments can be priced under current market value and make for great opportunities for the ready buyer.

 

If you are interested in Assignment sales and/or Pre-Construction properties, please follow us on Instagram using this link: https://www.instagram.com/nextstagerealtyteam/