Best strategies in a buyer's market
CBC News · Older
CBC News
Older
The Bank of Canada will announce its next interest rate decision on Wednesday. Those in the real estate market will be watching closely and many analysts are expecting a rate cut. That would ultimately mean lower mortgage rates for people looking to get into the market.
Breakdown
- Greater Vancouver is currently in a strong buyer's market with declining prices. 27s
- Only about 10% of homes are selling each month, and inventory is at a ten-year high. 1m 5s
- Sellers are advised to use data-driven pricing and avoid anchoring to past high prices. 44s
- Overpriced homes tend to sit unsold and may lose further value if the market continues to decline. 2m 35s
- Buyers are being selective and are bypassing homes that are not competitively priced. 1m 51s