My comments:
So, September rolls in, and the market is still pretty sluggish. We’ve been dealing with a shortage of available properties for most of this year, and that’s definitely been a key driver behind those rising prices. Homeowners were playing it safe in the first half of 2023, not eager to part with their properties. But now, with interest rates hitting a 10-year high, the big question is, will they keep holding off on selling, and can they handle these sky-high interest rates? Time will tell.
This could be an excellent moment to make a property purchase. However, the big question on everyone’s mind is whether housing prices might unexpectedly plummet by 20% or even 30%. Let’s examine the historical interest rate chart spanning from 1935 to 2023.
*
Suddenly, a 7% interest rate doesn’t appear quite as daunting now, does it? 😄 It’s just part of a market cycle.
We’ve delved into enough figures for now. I hope you find the time to relish the breathtaking autumn scenery!
*source: https://wowa.ca/banks/prime-rates-canada
