What’s going on in the Real Estate Market right now? Are the interest rates dropping? Is it a good time to buy or invest? Well, it’s getting interesting to be sure, but let’s discuss a few quick things off the top. According to industry reports, in a nutshell, Canadians are starting to show real trust in the market, and confidence is coming back after a reeling past 12 months.
Don’t expect the market to do what it did during the pandemic, but I’m confident in saying there is some real balance in effect. The market is a bit more predictable, and a lot less erratic than it has been in the not so far past few years. While house prices have stabilized in our area, interest rates are still up, but are starting to decrease (some lenders I have seen lock in rates at 4.59% currently on a fixed 5-year). As a whole, prices of homes are down about 25% from the high water mark of Spring 2022 and I don’t see them falling further from here. A standard growth rate is likely, as housing in Windsor Essex is still lower than that national average by a margin.
If you want to know if right now is right for you to buy or sell a property, call me, and let’s discuss what’s right for you.