Bank of Canada rate announcement today at 10am
Wednesday Jan 25th, 2023
Analysts are expecting the hike to be .25% to 4.5%. This is expected to be the last rate hike of the year. Fixed rates have balanced off. You can get a fixed rate mortgage for as low as 4.59% on a purchase that is insured. The fixed rates are not that bad and with prices down by 15% to 20% in some markets buying with a 2 year mortgage and refinancing when rates go down again as they are expected too may be an option for many buyers and investors. If your a long term buyer now is definately a better time to buy then last year, the market is more balanced and their are more opportunities. I am noticing an uptick in sales and listings in the past week. I think the spring market will be a good market with prices nudging up slightly from last spring. I am starting to see more inventory starting to come on the market now and seeing mutliple offers again. With the added inventory which will come on the market in the next couple of months sales will increase and prices will nudge up.
If your planning a move and would like to discuss your real estate goals feel welcome to reach out to me at 416-856-5408 or firstname.lastname@example.org
Have a great day!