The Storms of November?
…and the Storms of November came early? It depends what numbers you look at.
The year over year average prices for October are down, but for the past few weeks the selling averages are cautiously inching up. Are we at the bottom or does this trench go deeper?
The Bank of Canada is indicating a further increase to the lending rate and then a holding pattern on rates for the new year. This suggests the Bank is also wondering if the rate remedies will succeed.
It’s like a scene from The Hunt for Red October (or was it Das Boot?)when the captain was steely and brave in order to achieve the best, but not a fatal result. The crew held their breath and then the sub began to float up. Cheers followed.
Will there be cheers? Will inflation calm and lending rates hold? Will lending rates fall? That’d be like opening the hatch!
In the real estate market buyers and sellers are rumbling behind the scenes. The demand is building.