The Bank of Canada has just raised its interest rate by a quarter of a percentage point to 2.5%.
Now, higher interest rates can affect what buyers can afford. Some may reduce their budgets, others might decide to put their plans on hold.
And when buyer demand slows, that can put downward pressure on prices.
But here’s the thing. Halifax was already seeing some changes before today’s announcement.
We’re seeing more inventory, homes taking longer to sell, and buyers being a little more selective.
Does that mean prices are about to drop across Halifax? Not necessarily.
Real estate is very local. Some neighbourhoods and price points will feel the pressure more than others.
My advice? Don’t make your next real estate decision based on one interest rate announcement. Look at the bigger picture and what’s actually happening in your local market.
As always reach out with any questions. Here whenever you are ready.
Richard Payne – Halifax Real Estate
Halifax Homes and Lifestyles
#halifax #halifaxns #halifaxrealestate
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