Springtime has arrived for the housing market, where sales prices are trending upward once again. The interest rate environment has stabilized, and previously sidelined buyers have released their pent-up demand on the market, creating a shortage of inventory. The housing market has been able to withstand a rapidly rising interest rate environment with great aplomb, which bodes well for the future of the Canadian Real Estate market, according to Royal LePage President and CEO Phil Soper.
“Eight times a year, the Bank of Canada announces changes to its key interest rate, and for eight consecutive meetings, they aggressively raised rates in an effort to tame runaway inflation" - Phil Soper.In this month’s edition of our Real Estate Facts & Figures, we have put together the stats for March 2023 including the Spring Recreational Property Report, Royal LePage Price Update and Market Forecast. Having the right real estate team with the experience, marketing systems and negotiating skills is more important than ever in this market. We continue to successfully sell our listings so if you have any questions or would like to know what your home is worth in today's market, please don't hesitate to contact us.
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