DundasProperties.com Real Estate Services
Ask the Experts
DundasProperties.com Real Estate Services
Ask the Experts
INTEREST RATE HIKE , WHAT NOW?
INTEREST RATE INCREASE REA L ESTATE VALUES DROPPING?
WHAT SHOULD YOU KNOW
THE BANK OF CANADA raised interest rates by 50 basis points this week and the Federal Government is telling Canadians that we are heading into a recession. In my humble opinion we have been in a recession the past three months. As a Real Estate Sales Representative we see what is happening on the front lines.
Think about this. The experts expect real estate values to drop. Well they have been on the decline since May 2022.. If values drop by 20% Buyers that purchased the past two years with a 20% or less down payment are now in a situation with zero equity in their properties. If they have to sell for some reason they will be in a difficult situation. The last time Canada saw this was 1989-1990 and people began walking away from their homes. Could this happen again? Yes it looks like history may be repeating itself. The key will be in the economy. Will people be able to keep their jobs to service their debt load. Only time will tell.
The real estate sector is one of the largest economic generators, if the market comes to a stand still that will not be good for Canada. The implications will ripple through the economy.
Spacious Townhouse Condominium
ANOTHER SOLD
Enjoy a carefree lifestyle in this spacious 3 bedroom townhouse. Located walking distance to schools , parks and conservation areas you will love this updated home. The renovated kitchen offers a large centre island , great dining space as well as a walkout to the private back deck. Open concept main floor, desired by today's buyers , offers flexible space and is great for entertaining. The lower level provides a recroom/office, laundry room with direct access from the garage! Backing onto greenspace with a walkout from the back deck is just one of the convenient features of this home. Come take a look and see for yourself.
Call or email: David Zalepa, Sales Representative REMAX Real Estate Centre
905-570-2054
