Summer in our region is spectacular, and there is no better way to enjoy it than living right along the waterfront. Downsizing to a waterfront condo or townhouse along the Bay of Quinte offers a
May 2024 Market Update
Dated: June 4 2024
Views: 76
📢 May 2024 Market Update 📢
Here's what happened in May 2024.
Average sale price has increased in most markets and homes are still selling for close to their asking price. Days on market has increased and the number of properties on the market that actually sold is mixed. May saw lot of inventory and lots for buyers to choose from creating a competitive market for sellers.
The last Bank of Canada announcement was June 5th, 2024 and for the first time since July 2023, we saw a 0.25 decrease in the target for the overnight lending rate. This means that variable rate borrowers saw a reduction to their rate of 0.25%. We’re already seeing some fixed rates below 5% which is also great news. The next announcement will be July 24, 2024 and it is expected to see another decrease and hopefully a few more over the rest of the year.
Have questions or don’t see stats for your area, reach out I’d be happy to get them for you.
Julie Martin
I have a passion for helping people reach their real estate goals. Whether that be buying your first home, moving up to your next home, downsizing, buying an investment property or building a new home....
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