The Bank of Canada did not provide such certainty in its messaging on Wednesday, however.
While Ratehub co-CEO James Laird agreed that Wednesday’s rate hold provides a bit “more certainty” for buyers wondering about what kinds of mortgage rates they can get this spring, he tells Global News that any fogginess in the rate path will tend to depress housing market activity. He noted that some markets such as Ontario and Atlantic Canada might hit that bottom early, while the Prairies and Quebec could see their correction more drawn out.Hogue said he expects the recovery phase will be slow as a weak economy holds back buyers, with a more robust return to the market set for 2024 when and if interest rates start to fall.Limited housing stock a significant factor
Data from the Canadian Real Estate Association shows that despite an uptick in new property listings to start the year, housing stock is still “historically low.” January 2023 marked the lowest level for new supply in that month since 2000, CREA said, though February figures have yet to be released.Multiple-offer scenarios are popping up on some attractive properties in Toronto, Parekh says.
“I am seeing offers come in that might not be as ‘wild’ or ‘crazy’ as we’ve seen a year ago, but they’re throwing their hat into the ring and seeing what comes out of it,” Parekh explains.Soper says that for buyers testing the waters this spring, “affordability” will continue to be a priority as still-high interest rates push house hunters to cheaper options.
3 families to a house.. thanks dougie
House prices are rising again. Hahahahaha
🚀