RE:RE:RE:RE:RE:RE:RE:Welcome back $40What I can tell you is from my own experience. My daughter is looking for a place (GTA) and 2 places she looked at both had multiple offers, a townhouse listed at 799 sold for over 1 million which was higher than similar units sold last year.
Perhaps it is just pent up demand from last year when buyers retreated on fear there was no immediate sight where rates would end. That end to hikes appears to have come, at least that is what the media is broadcasting and the buyers have come back in full FOMO With the recent dorp in the jobs rate though I don't see how Tiff can cut rates in March or even April. In fact, I would welcome a 1/4 pt hike to flame this FOMO out but don't see that happening either.
Torontojay wrote: Flamingogold, the media is lying to people and making it appear that fomo has returned in the housing market. It's all BS, such as listing a price purposely below asking price and then advertising that it sold above asking with multiple offers. Hopefully nobody falls for this scam.
Canada depends a lot on what their neighbours to the south do. The US economy still has a lot of steam left and I don't think they will be aggressive in cutting rates. Canada is screwed because if we cut rates sooner, inflation on imports rises and our C$ tanks. On the other hand, if they follow rate cuts with the US, only 3 planned for 24, then that's going to spell trouble for the households that have to refinance at much higher rates than they had before.
There is no good outcome for Canada this year.