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July 2022 Market Stats
Dated: August 3 2022
July saw an interest rate hike of 100bps (1%) as the Bank of Canada tried to curb inflation. Was this enough to slow the housing market?
Demand is still there, although somewhat more cautiously to the crazy prices we saw in February. With the raising of the interest rate and more homes available to purchase, we are slowly coming into a 'balanced' market.
A balanced market is when we have approximately four to six months of inventory available. (February's record highs were due to only having one third month available). At the end of July 2022, the Region of Halton is seeing 2 months worth of inventory with home prices up 9% to this time last year. (compared to February when home prices were up 23%!)
If you are thinking of buying or selling, I'd be happy to meet for a coffee to discuss the market and your options.
Reliable, Relatable, Results! Hi there. Are you looking for a trusted partner to guide you through the complex world of real estate? Look no further. Whether you are a first-time homebuyer, seasoned....
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