2024-03-29 00:52:12
Despite interest rates which remain high, the real estate market remains to the advantage of sellers who continue to receive several offers and see their property go for more than the asking price.
According to licensed real estate broker Luc Mailloux, Director of Via Capitale Élite, the market tended to calm down in terms of the number of transactions in March, but that does not mean that buyers are taking advantage of it.
“The stabilization of March does not prevent us from still being in a very strong seller’s market, and many proposals are in multiple offers, and the prices are often above the asking price,” commented Mr. Mailloux in an interview on the show “À vosaffaires”.
“What leads to this excitement is the lack of inventory. People who want to move, who have no choice, find themselves looking for properties that are not easy to find,” he added.
A possible reduction in the Bank of Canada’s key rate, if it materializes, should also help to increase the number of people looking for their next home.
“What the drop in the interest rate might bring is a little bit our first buyers, who were less present than usual in January and February,” underlined Luc Mailloux, explaining that the current market, with more expensive properties and high rates, favors people who already have a house to resell before moving.
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