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 - Jul 2024

The Bank of Canada lowered the overnight interest rate this week. Here’s our perspective:

 

Interest Rate

The Bank of Canada dropped the key interest rate to 4.5% on Wednesday (cbc.ca/news). This is the second time in two months that the rate has been lowered. The final three announcements for this year will be September 4th, October 23rd, and December 11th. Some analysts believe the rate will be reduced to 4.0% by the end of the year (financialpost.com).

 

Price Trends

Prices were mostly down from May to June and are inconsistent across regions for July as of the 22nd. We expect some of the inconsistencies to smooth out as the latter part of July sales become available. Looking at the 6-year trend, 2024 is mostly flat compared to 2023.
 
 
 

Market Shift?

In the past two weeks, we've been noticing a change in the market. It seems that Buyers are starting to become more active. We believe this is a result of the anticipated interest rate decrease we saw yesterday and that which analysts expect for later this year. Overall the market is still leaning in favour of Buyers, you can expect to have little competition when purchasing a property.

 

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