08/12/2022
The national real estate market's cooling continued with home sales falling again in June, but these decreases are smaller than those seen in previous months.
June home sales amounted to 48,176, a 24 per cent drop from 63,280 during the same month last year.
On a seasonally adjusted basis, sales were down almost six per cent from May.
These drops were not as large as those seen in April and May, to financial pressures prospective buyers have experienced as the Bank of Canada has continued to hike its key interest rate.
In typically heated markets like the Greater Toronto and Greater Vancouver Areas, they have noticed homes sitting for sale for far longer than they would have last year or at the start of the year, when the pace of sales was torrid.
Even though sellers shouldn’t expect “yesterday’s prices”, there is still a chance for them to get real good offers based on their property and location.
For the most part, it’s the buyer’s time to shine.
Buyers are now waiting on the sidelines to see just how much purchasing power they could lose as rates climb, but have also put off making offers because forecasts have lead them to believe prices will drop even further.
But waiting too long could jeopardize their own purchasing power s interest rates are due for another increase very soon.
