📈🏠RISKY BUSINESS🏠📈

As we begin a New Year, we would like to wish you and your family the most prosperous 2024!

A Shift in the Market

Reflecting back on a year of change…or perhaps a term like “shift” would be more applicable to real estate. We began the year with a prominent message from the Bank of Canada that interest rates were on the way up in order to control inflation and cool our real estate market. Early in 2023 we saw a strong volume of trade and values consistent with the post-COVID market of late 2022. However, the combination of higher interest rates, inflation and homeowners being locked into attractive mortgage rates has resulted in a decreased volume of sales and values correcting down. Almost chasing the market.

Risky Business Playing the “Housing Stock Market”

We speak to a lot of Buyers trying to time the bottom of the market, treating Real Estate like the stock market. We are reluctant to promote this strategy as you need to also be comfortable missing the bottom and perhaps having to pay more for your home of choice. Instead, we feel that there is no wrong time to buy the perfect home. We see many opportunities in the market, now, for Buyers that are prepared to make that special purchase.

With the Bank of Canada stating that interest rates should hold or drop in the next half year, there is likely to be more Buyer competition than we have seen in some time, and likely a more competitive Real Estate market will return.

Proud to have Helped Generations of Home Owners

Whether Buying or Selling, you should be well aware of our current local market as well as your options so that you can make an informed decision and create a plan that ensures you are capitalizing on the market in your best interest. At Impact Realty Group, we have provided sound advice over generations to many Buyers and Sellers in the Fergus, Elora and surrounding area.

If you or someone you know are thinking about Buying, Selling or Investing in Real Estate, please don’t hesitate to call and arrange a meeting with one of our team members. Your referral is the highest compliment you can pay us.

We are looking forward to working with you and wish you an amazing year ahead!

From your friends at Impact Realty Group,