December 02 2022
Over the month of November, the decline in housing sales finally reversed with an increase from last month. As prices cool with rates expected to increase further, we are moving into a market that is in favour of the buyer, which could be good news for some Canadian first-timers. Read more to see what happened in mortgage news over the past month:
According to data released by the Canadian Real Estate Association (CREA), the month-over-month decline in housing sales finally reversed in October as sales were 1.8% higher than the previous month.
Our CEO and Co-Founder Jesse Abrams explains why it’s an ideal time for buyers to consider a mortgage pre-approval and rate hold as prices cool and rates rise.
With rates jumping higher and demand simmering down, home prices are decreasing significantly and likely to dip even lower as rates are expected to rise even more.
CREA has decided to suspend its new policy requiring home sellers to list their properties on the Multiple Listing Service (MLS) after just three days of exclusive marketing.
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