September 2022 Market Update

The real estate market continues to soften and more pressure is expected as the Bank of Canada seems to get ready for yet another interest rate hike.

For many of us, who try to keep up with the changes, this development didn't come as a surprise. Yet it seems, that many sellers and their agents are having a hard time to adjust to the new reality. Right now, we can see many listings, which were listed at the high prices of the peak, finally selling. Unfortunately for many sellers, they have been chasing down the market and lost tens of thousands or more during this long and dusty journey. 

Buyers on the other hand, have the advantage of significantly lower prices. In many cases, the higher interest rate leads to a smililar payment a month: BUT

• The overall mortgage size is significantly lower
• It automatically creates room for future equity gains (when the market comes back as it always does)
• With the same downpayment qualifying for a mortgage has in some cases improved as prices came down more than what the interest rate hike wiped out

In essence, it doesn't really matter if you are on the buyer or seller side of this market. What truly matters is, that you choose to work with the right professionals. Have a mortgage broker show you the numbers and different possibilities. Have a professional real estate agent, who actually stays informed on a daily, weekly and monthly basis to recognize even the slightest nuances of the market shifting just a little bit, so you can make the best informed decisions. Missing a week in this market, because your agent didn't pay attention, could cost you dearly.

Our team of fulltime, professional agents here at the IMPACT Real Estate Group is happy to keep you informed, which means, that you get daily updates on particular properties of interest as they happen, any changes to the market place as a whole and we make sure, that you don't miss a single beat to your advantage.