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Thoughts From Judy Stacee-Cleaver Broker of Record, FRI, ABR
What A Whirlwind Going On!
Elections, tariffs, trade wars , internet and media scams,.... What's a person to do?
How do we plan for the future?
St. Patrick's Day may have passed, and I don't have a four-leaf clover or a crystal ball but I'm counting on the 'Luck of the Irish' and many prayers. By now everyone knows Bank of Canada is finally reducing the rates and more may be on the way. How will that the effect mortgage rates, fixed or variable?
There is a small minority saying it may be a good time to buy! So, with the rates dropping why are people not buying?
Seems to me the Market is saying the GTA has less sales, however sellers are not willing to give in to lowering the prices. If buyers want to participate, they will need to pay fair market value. It may take longer to sell and that is what is happening.
There are no fire sales. But if these tariff wars keep going on then things could change. Buyers will lose confidence with the market . Sellers may need to rethink their pricing .
If trade tensions continue, Buyers are likely to remain cautious, and Sellers may have to adjust their expectations. If the trade wars carry on for any length of time, the lack of confidence and uncertainty will grow stronger. Canadians need reassurance that these negotiations will be short lived.
There will be opportunities as well. If you are able to weather the storm, just do it.
Remember when you buy and sell in the same time frame , these Bank of Canada rate cuts could work in your favour! We were all first-time buyers at one point, now may be the time to take advantage of this opportunity .
Thank you for your continued support
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