The residential real estate market continues to adjust as the Bank of Canada attempts to cool our economy by increasing the overnight lending rate. Welcome to another episode of The Real Estate Podcast with me, Broker Nico James-Bock with Royal LePage Signature in Downtown Toronto.
A possible sign that the BoC will make fewer drastic adjustments in the future, it raised the rate by 100 basis points or 1% early in July. Although this change makes the cost of borrowing more expensive, the price of homes, gas, food, etc., was getting out of hand. Home prices were appreciating at an unsustainable pace, with the cost of borrowing going up, and the pace at which homes appreciate has begun to slow down. The next interest rate hike announcement will be on September 7th, 10:00 am.
This is a deep dive into the July 2022 TRREB Macro Market Stats and how rate hikes, the recession, and inflation are affecting buyer and seller behaviour.
If you are a first-time buyer, seasoned investor, or just want to #IncreaseYourWealthThroughRealEstate, be sure to register here for Sean Humphries' First-Tim Home Buyer Webinar on Aug 24th 7:00 pm (EST/Toronto)
https://us02web.zoom.us/webinar/register/4916588432944/WN_WjAwyiGvRy618j8GqNYrmA
www.RealEstateWithNico.com
Special thanks to Peter Conrad of Conrad Entertainment Inc. for his expertise in audio and video editing.
Helping YOU Build Wealth Through #RealEstate #BrickByBrick
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