You need to hear this!!! It seems strange, right?
The Bank of Canada raised interest rates, so borrowing money got more expensive. But house prices are still high.
Why?
Here’s the deal... Even with higher rates, there are still more buyers than homes.
During the pandemic, there wasn’t enough building going on. Now we’re playing catch-up.
Plus, people who locked in low mortgage rates aren’t rushing to sell, which means fewer homes on the market.
Also, some people are buying now because they’re worried prices could go even higher or that interest rates could climb again. This keeps demand strong, even with higher rates.
And on top of all that, the country is taking in hundreds of thousands of immigrants every year, and we genuinely don't have the housing to support it.
This combination of factors means home prices remain high, even as borrowing costs rise.
But remember, the market is always changing. Prices might not stay high forever.
Making the right move now can save you from losing money later.
Here’s what you need to do: Don’t guess what’s going to happen next.
Work with someone who understands the market and knows how to get you the best deal, no matter what’s happening with interest rates.
Want to make sure you’re making the right decision in this tricky market?
Comment below or message me for my FREE guide on how to make savvy buying or selling decisions.
Let’s make sure you’re well-prepared for whatever lies ahead.
- Justin
