The home sales in November were stronger than they were for November 2023. In fact they were 45.1% higher. The average price of a home was up 4.6%. Please note that these numbers include all property types.

The Bank of Canada lowered the key interest rate by.50% to 3.25% this morning, For people with variable rate mortgages, rate cuts can mean more of their money goes toward the principal on their mortgage, and less towards interest. It can also help home buyers who opt for a variable rate mortgage and folks looking to refinance their mortgage. The impact on fixed rate mortgages won't be know for a while.

Adding in the following Regulatory Changes and Updates, should bode well for home buyers and sellers.

1) Effective Dec 15 - the limit on insured mortgages increases to 1.5 million from 1M.

2) Amortization Period for all first-time homebuyers and buyers of new-build properties is extended to 30 years from 25.

3) Removal of Stress Test for Straight, Stand-Along Uninsured Renewal Switches. Insured and uninsured mortgages no longer need to be stress-tested for qualification purposes.

4) Insured Refinances Eligible homeowners can access an insured refinance of up to 90% of their improved property value for construction funds. This change encourages homeowners to add a secondary suite to their property. This can help accommodate families or generate rental income.

Want more information, or have a question, please let me know. I am happy to help!

2024 home sales have continued to outperform the number of sales by month in 2023.

The latest interest rate reduction of .50% has helped to generate more optimism, although in speaking with home buyers, they are waiting for further drops in the rates.

This can be an issue. The number of homes available is up over last year, but housing starts are still very low.

The current market is balanced and homes are selling on average around 98% of the list price.

If you are buying, get pre-approved now, find your home, and take a longer closing if possible, so if rates go down, you will get the lower rate. This way you avoid the possible issue of competing with more buyers if the rates go down again, and the number of available homes remain at today's levels, or less. This would create competition and drive home prices higher, negating any gain made by a lower interest rate.

Want more information, do not hesitate to ask! I am happy to help.