On Wednesday the Bank of Canada hiked its key interest rate a quarter of a point to 4.5% as I said they likely would last week. I had a few people reach out to me to lock in their rate so I am glad we did that. This is the eighth consecutive hike since near 0% in March 2022 and now it is the highest it has been since 2007! However, they have indicated that this will likely be the last rate hike of the current cycle.

 

So, what does this mean to the market? Mortgage rates will likely increase in the short term meaning there will be fewer buyers looking for homes , so it will take longer for sellers to sell their homes and prices are likely to continue to come down over the next few months.

 

If you have saved money and are in a position to buy, then there will be good deals out there. I am seeing a lot of homes that have been on the market for a few months already. These sellers are surely motivated. Remember it is always better to up-size when prices are declining!

 

If you have to sell your home, I would do it before the prices decline further. Pricing, Positioning, and promotion are key! You need to have a strategy in place. If you would like to chat with me about creating a strategy for you to Buy or Sell just reply to this email and we can set something up!

Here are 4 ways I can help you right now

 

1)Contact me at jasonremaxrise@gmail.com or text me at 613-888-6567 to strike up a dialog and tell me about your situation.

2)Book a home evaluation to find out what your home is worth. I can even do these virtually now over Facetime or Zoom. Let me know a few details about your home and we will go from there.

3) Lock in your mortgage rate for the next 4 months while you shop around. If rates go up, you still get the best rate! All I need is your name, phone number and email! Just reply and I’ll get you locked in!

4) Download my free 27-page pre-listing package filled with a number of tips to help your home show like a model home and a 30 day plan to get your home ready for the market. Click Here To Download