Although the Bank of Canada bumped up their overnight rate by 0.25%, they signaled that they will likely be taking a pause in hikes to allow for their recent series of increases to have an effect on inflation and the economy. This is good news as mortgage rates have come down and there is a growing expectation that real estate values may be starting to bounce back. Although the year over year stats for the next few months won't look great as the first quarter of 2022 was so robust, there certainly are signs of increased activity, some multiple offers and renewed buyer confidence. With a growing pool of buyers who have been sitting on the sidelines for the last 6-8 months and a continued aggressive immigration policy adding to housing demand, we may be in for a busier spring market than originally expected.
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