June, 2024

Turning a Tanker

While these numbers suggest the market is down – what we are actually seeing is the big ship getting ready to turn. For many months in a row the number of showings per week was declining, we saw about three weeks of plateaus and last week showings are up. For the week of June 2 – 8 offers numbers were still low. The increase in showings suggests buyers are out looking and educating themselves about the market. Many are waiting for further rate reductions. In the 416 prices on detached and semis are slightly up while condos prices lag.

The 1/4 cut in The Bank’s prime rate has infused a mild positivity into the real estate market place. While this Bank shift does not materially affect fixed mortgages which are based on the bond yield, it still sends a broad economic message.

The big ship is still in the water, and the water around the propeller is churning. Is the multi-ton steal monstrosity about to turn?

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