ATTENTION POSTMASTER: Time Sensitive Materials
ABOUTOWNE Realty Corp., Brokerage 1235 North Service Road W. Suite 100, Oakville, ON L6M 2W2
TEAM
Each Office Independently Owned and Operated.
416.520.4785
JULY 2022
MORRISON REAL ESTATE MARKET REPORT
Nancy@NancyShea.ca
www.NancyShea.ca
HOW WILL
RISING RATES
AFFECT YOUR SALE?
To cool inflation from a 30-year high, the Bank of Canada has raised the benchmark rate from 0.25% to 1.5% since March and opened the door to lifting it to 2.25%. Longer-term mortgage rates have also climbed swiftly. With these sudden changes, it’s natural to reflect on how this will impact your own sale.
WHAT ABOUT
MY SALE? BANK OF CANADA STATES HOUSING PRICES ARE MODERATING FROM “EXCEPTIONALLY HIGH LEVELS.”
WHAT OTHER EXPERTS ARE SAYING
A report by Desjardins says that the average price of a home in Canada fell 2.6% in March and 3.8% in April. Despite the drop, that is still nearly 30% above what it was in December 2019. Desjardins also expects any decline in sales activity and prices to be led in smaller centres outside of major urban areas. The GTA and Oakville are ranked fourth and fifth in expected stability out of 40 cities/regions.
Any price drops would first occur in rural areas and communities that saw the biggest increases during the pandemic. Experts also believe GTA prices could stay high because of the area being the economic engine of the country, and there’s still a huge demand for people to live in the GTA.
Southeast Oakville is well positioned with the GO Train and 400 series of Highways providing access to employment areas in Mississauga, Brampton, and Toronto. Buyers can get more for their money here as compared to similar neighbourhoods of Toronto, Mississauga, Richmond Hill, and Markham.
PREPARED ESPECIALLY FOR
Leonardo and Angelica Washington Leonardo and Angelica, Sale Prices are still strong and there is still great demand from buyers that want to live in our beautiful neighbourhood. It is also much easier to find a new home now for families that are downsizing from Southeast. Our Strategies have changed with the recent market shift. Call Nancy at 416.520.4785 for an update on the current market.
PRESENTED BY
The Nancy Shea Team, Your Morrison Specialists
TEAM
www.NancyShea.ca