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It's no secret that the Bank Of Canada has been raising its rates to curb inflation. With pressure on home affordablilty and other influences suich as the 'war' in Ukraine, it seems as though would be real estate investors have hung up their check books for now and are waiting on the sidelines. As a result of fewer competition for homes and the usual influx of many listings during the busiest time of the year, real estate prices have begun to drop dramtically. In April the avarage sold price in Durham Region was $1,075,000 for homes in all categories, now that same averege is $1,007,000. So, within a single month, the avaerage sold price is over 6% lower than the previous month. Many news programs etc. use the year over year comparison which still shows house prices up from last year at this time. I don't believe that comparing to a year ago really gives us a real time depiction of what is actually happening in the current market today. With even more rate hikes coming and no apparant end to the war, I believe that home prices will continue to fall. So, if you have a property that you wish to sell and retain most of your equity, now may be the best time to reach out to me.
For more honest advice/assistance please call me direct and I will be your confidant that helps you make the right decisions for you. Paul 905-434-0102