Holmes Realty November market statistics

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MONTHLY MARKET UPDATE — OCTOBER 2023 UPDATE

nterest rates are at the top of peoples mind and it is impacting our real estate market. property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades, The uncertainty around the direction of the Bank of Canada rate announcement in mid-Otober

may have caused some buyers to push their purchasing plans into

the future because it was unclear if rates were going to be hiked again or remain stable. Generally speaking, when we have periods of static interest rates, consumer confidence returns to the market. We can recall earlier in the year when rates plateaued; we saw an uptick in sales in the weeks after. However, when rates began to rise again, we saw consumer confidence falter.”

Some good news in October was that we continued to see a slow

2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!

and steady increase in the number of available properties for sale,” “This additional inventory is positive for buyers who will have more selection than they’ve experienced in recent years. The real estate market tends to slow down in late fall and winter, but there are still a good number of active buyers.

Buyers are very cautious; if a home does not check all of the boxes for them or it is not perceived as good value they are not taking the time to view the

home but are planning to wait until spring when they feel the prices will be less. Well-priced properties are still attracting multiple offers. Interest renewal rates are still very much a concern for consumers. 3.4 Million Canadians will be renewing their mortgages in the next 18 months and are fearful of what their payments will be.

When renewing your mortgage allow yourself plenty of time to discuss different renewal options with your lender.

2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!