Since the beginning of 2021 house prices have been rising exponentially.
In June, a Canadian Real Estate Association report indicated that the average selling price of a home in Canada had fallen for the second consecutive month.
In the next two months with restrictions easing, Canadians are feeling more relaxed and ready to become more social in their day-to-day activities. With the fall just around the corner, we will be watching closely to see if the market cooling is here to stay for a while turning into a housing bubble, or if we will see a bit of an increase with new variants coming into play. Another factor that we will be watching out for is the potential of the federal government intervening, which seems more unlikely as a fall election seems more and more eminent every day.
Alongside the cooling of the marketplace, Bank of Canada held its target for the overnight rate which “means that those in a variable rate mortgage will have no changes to their interest rate at this time.” (Geoff Lee, President/Principal Broker at GLM Mortgage Group)
When looking at getting into the market, “the best time to buy a home is when you can…anyone that tries to time the market and/or rates usually will come out on the short end” (Geoff Lee, President/Principal Broker at GLM Mortgage Group). If now is the right time for you to buy, then now is the time to buy.
As always, we will keep you informed as changes come on our social media platforms.