February saw a strong surge in sales, up 17.9% from last year and a hefty 24.7% increase from January.
On March 6th, the Bank of Canada announced it would hold its key interest rate at 5%, where it has stayed since July. With inflation under control, many believe the Bank of Canada won’t raise rates anymore and possible rise cuts are coming soon this summer. With mortgage rates dropping, buyers are excited and moving fast.
The average price hasn‘t changed much year over year, but jumped 7.4% compared to January – Market is picking up! Sales in February were up 18% over last year, while new house listings were up 34%.
The month of inventory (MOI) dipped below 2 in February, down from 4.2 MOI in October, sellers have regained the upper hand. It could be a good time to consider selling. Buyers are being mindful of their budgets and adjust their preferences accordingly.
Population growth is still at a record pace, driving up demand for both buying and renting homes. Anticipated lower borrowing costs are adding urgency for buyers to act now.
As potential rate cuts loom, the window of opportunity is closing. If you are considering making a move, act now before prices rise again.
Email or call us to get insights on your neighbourhood stats or an up-to-date appraisal of your home.
📱Phone: 647-504-0690
📧 Email: steven@mistersauga.ca
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