August 2023 Market Update
This August has followed the historical trend of a being a slower month for real estate with many people focusing on kids being out of school and summer vacations. This effect can be seen in both benchmark sale prices and in the number of sales per month, both having decreased just slightly during August.
At Ballard360 this August, we have been helping our buyers capitalize on reduced market activity levels to secure properties that offer remarkable value. We have also been working with our sellers to prepare and strategize for the upcoming fall market.
On September 6, 2023 the Bank of Canada delivered a rate hold, leaving its key lending rate unchanged at 5.00%. This follows 10 previous rate increases, which raised the overnight target rate by 475 bps since March 2022. If this rate hold attitude remains for the next few cycles, then the housing demand should increase somewhat.
With Labour Day now behind us, we are feeling the fall market approaching!
Have any questions or want to discuss anything real estate?
Give us a call! 604-360-7529