Are there good opportunities to purchase a home in Etobicoke right now?
Are there good opportunities to purchase a home in Etobicoke right now?
This is a question I get asked almost on a daily basis these days.
After the Bank of Canada’s announcement this morning increasing the key interest rate by 0.5% points, this brings the Bank of Canada’s policy rate to 3.75%.
Canadian prime rates at major banks are now at 5.95% and will affect you if you have a HELOC or Variable Rate Mortgage.
Taking a look back over the years it seems we are hovering around April and May 2006 territory when the rates were 5.75% and 6%.
Inflation is still high despite these past 6 rate hikes we have just experienced AND the dip we saw to 6.9% in September. The plan is to bring inflation down to 2%.
Yes we got spoiled with the low rates for the past few years and it definitely is affecting the current housing market. Will prices continue to go down? I do think so. What do you think?
Are there good opportunities to purchase a home in Etobicoke right now?
I have been having a lot of conversations with clients who are looking to move up to a larger home. They were not interested in getting caught up in bidding wars when the market was going crazy.
The next few months there might be some good opportunities to purchase a home in Etobicoke. A home that you may have thought was out of reach before. The gap between your current home and the next one is lessening.
Jumping into bidding wars and getting emotionally charged is not how you make money in real estate. It is never a good idea to follow the crowd but, to actually do the opposite.
I’ve been tracking the numbers daily in Etobicoke and price decreases on a weekly basis. I’m looking for patterns in specific neighbourhoods and micro markets. It’s not enough to look at past sales for a few months anymore. To make informed decisions you need to get the most accurate and current information.
If you would like your neighbourhood tracked or curious about specific areas let me know. I’m happy to give you this information. You can book a quick strategy session here if you would like to discuss your plans. This is a way to get an insiders look at the current etobicoke real estate market.
