Bank of Canada Announced No Rate Adjustments Until June
Bank of Canada announced today that there won’t be any interest rate adjustments until at least June 7. The rate remains unchanged at 4.5% where it’s been since January.
There are 1,071 listings active now in our real estate board area including 112 brought to market last week. We have 499 apartments in all shapes and sizes for sale with 61 being listed for sale last week. These numbers need to be higher and will hopefully increase over the next few months but overall there is a shortage of listings
April has started out a little slow with only 34 residential sales recorded last week in addition to another 25 apartments. The average price so far this year for apartments is $477,000 and $1,100,000 for residential. These numbers have been consistent and will likely remain so as long as interest rates remain stable. Sure, there are external threats out there including increased energy costs, food costs as well as a constant threat of a recession but the outside noise has always been there.
We’re in a time where the numbers aren’t even all that interesting any more. Prices have stabilized and buyers aren’t buying as often as they have been over the past three years. This isn’t necessarily a bad thing having people stay in one place for 5-10 years instead of moving quickly every 12-18 months. It’s likely healthier for our overall mental health spending weekends riding a bike instead of visiting 10 open houses.
See you next week. I predict 35-40 residential sales this week at $1,075,000.
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If you would like to meet for a coffee with Andy or Kierra, please give us a call or email. We love to chat!
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