Deals may not last long – there’s plenty of precedent to suggest that home prices are poised to skyrocket
If the inquiries fielded by Ratehub’s mortgage brokers are any indication, would-be homebuyers are worried about timing. Interest rates are widely expected to keep falling, with the Bank of Canada ’s benchmark rate seen by markets as dropping to near 2.5 per cent by the end of next year. But with lower interest rates comes the spectre of rising home prices.
All of that could set the stage for a robust January market, and likely a sizzling spring. And it has left Canadian home buyers wondering: Is this the affordability sweet spot, before home prices start to surge?report, sellers remained motivated in September, adding plenty of market supply. The national average home price, at $669,630, remains 18 per cent below the all-time peak of $816,720, reached in February, 2022.
The last time we saw a decrease this hefty was back in the early days of the COVID-19 pandemic. To counter the effects of lockdowns, the central bank delivered extraordinary economic stimulus in the form of three half-point cuts in March, 2020. We all know what happened next: buyers clamoured for properties, and the national average home price surged by 51 per cent – more than $270,000 – over the next two years.
Rate Bank Canada Buyer Today Cut Record Bank Of Canada Canada CREA
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