Finally, interest rates have likely peaked. The past year brought about a lot of uncertainty, which had a tight grip on the market. In fact, the biggest decline in prices occurred in June of 2022, the first month after interest rates started to rise. This decline was coupled with a decrease in the number of properties for sale, as fewer vendors were willing to sell in such an uncertain environment. However, although interest rates are currently still higher than before, the market is now much more stable, which is definitely positive for the housing market. For now, properties available for sale are on the rise and price growth remains strong. In August, house prices increased by 0.4 per cent even though listings increased by 9.4 per cent. Only time will tell whether this momentum will continue throughout Spring. Andrew Macdonald Principal, Ray White Macdonald Partners - Point Clare
RkJQdWJsaXNoZXIy MTI3ODI1