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REAL ESTATE NEWS AND UPDATES
According to the latest Royal Lepage Millenial demographic survey; While buyers have moved to the sidelines as they wait to see the results of rising interest rates on property prices, the need for housing has not gone away. We could see another surge after this cool down period when buyers re-enter the market.
- 60% of Canadian millennials who do not currently own a home believe they will one day, however, 52% of them say they would have to relocate in order to achieve this milestone
- Nationally, more than 4 million millennials (51%) say they plan to purchase a home within the next five years
Royal LePage urges policy makers to remain focused on efforts to increase supply of housing in Canada.
The past two years since Covid began, after a brief pause in buying and selling there was a frenzy of activity and escalating home prices as we came out of the pandemic. Now with record inflation which Statistics Canada pegged at 8.1% in June has led the Bank of Canada to raise the Key Rate to 2.5% and its expected to be around 3.25% at the end of this year.
We've seen the real estate markets react. According to CREA prices have dipped from their February highs and in some markets buyers seem to be waiting to see what happens next. The economy works in pockets and real estate markets work in smaller activity zones. When assessing a homes worth, value is determined by the micro activity of the specific neighbourhood, street, sometimes even which side of the street.
As housing markets change, I'm always here to help bring clarity so dont hesitate to contact me if you're considering a move.