MACKEY & McCORMICK - Blog

Our Real Estate Update February 2023

Posted on Mar 10, 2023

During the month of February, the housing market experienced a noticeable revival, characterized by a surge in property values across all asset classes. Notably, the average sales price for all property types increased by 5.4% when compared with January's data, culminating in a February average sales price of $1,095,617.

The Positive February data...

Our Real Estate Update January 2023

Posted on Feb 07, 2023

Although the Bank of Canada bumped up their overnight rate by 0.25%, they signaled that they will likely be taking a pause in hikes to allow for their recent series of increases to have an effect on inflation and the economy. This is good news as mortgage rates have come down and there is a growing expectation that real estate values may be startin...

Our Real Estate Update December 2022

Posted on Jan 06, 2023

Happy New Year and we hope that you and your family had a wonderful holiday season! Real estate wise, 2023 should be less of a roller coaster ride than we saw last year with an expectation of a flatter market with fewer peaks and valleys. Although the cost of borrowing and carrying a mortgage has risen, sale prices have corrected providing buyers w...

Our Real Estate Update November 2022

Posted on Dec 08, 2022

As the year begins to come to an end, we see that the wild real estate fluctuations of 2022 have slowed and some consistency in both sales prices and sales numbers has settled in. The numbers are obviously down when comparing year over year and keeping in mind the market peaked in March of 2022, these statistical comparisons will probably show up e...

Our Real Estate Update October 2022

Posted on Nov 16, 2022

As the fear of further interest rate increases begin to subside, we may be approaching the bottom of the correction period in home price sales. With a mediocre economic forecast, there doesn't seem to be any evidence that we are going to bounce back in an upward direction anytime soon but instead flatten out or perhaps give back a little more of th...

Our Real Estate Update September 2022

Posted on Oct 21, 2022

Available housing inventory continues to rise while sale prices have fallen a little further but are showing signs are leveling off. It is important to note when reading media headlines of double-digit percentage price drops, that they tend to be off of the peak of March 2022 and most of the correction has already occurred. Canada continues to be a...