The housing market has been sluggish since last year, when prospective buyers started putting off plans to purchase as the Bank of Canada aggressively hiked interest rates eight consecutive times
The quick succession of increases eroded buying power as borrowing costs rose and sent prices falling, discouraging sellers from listing their homes.showing average prices have dropped 19 per cent from their February peak of $816,578 to $662,437 last month and BMO Capital Markets’ chief economist predicting they will bottom out after falling 20 to 25 per cent, realtors see many edging toward a purchase once more.
These clients are a mix of people who have to move because they are relocating for work or growing their families and also first-time homebuyers keen to not let lower prices pass them by. Over in Vancouver, Coldwell Banker Prestige Realty agent Tirajeh Mazaheri has also seen a resurgence in buyers. Despite such sentiment, she doesn’t see the market returning to the frenzied pace of 2021, largely because of the lack of properties available.
“They’re noticing the shift in the market as well and they want to get top dollar for their property, so they’re thinking maybe let’s wait until the spring or the summer.”
France Dernières Nouvelles, France Actualités
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