According to the Canadian Real Estate Association, homes sales have increase by 8.7% in October, with the GTA and Vancouver recording double digit increase in sales. Thus, it looks like the interest rate decreases are starting to take affect and bringing in new buyers. 

According to the Canadian Real Estate Association economist Shaun Cathcart he thinks this is a preview of what is to come next Spring.

“The jump in home sales last month was definitely an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should be close to their expected lows, as well. With that in mind, you can think of the October numbers as a sort of preview for what we might expect to see next year.”

What do you think? Will markets pick up next year? 

As you can see from the chart, home sales seem to be picking up so I encourage you to think about whether you think this is a good opportunity for you before the markets go up next year, when rates will continue to drop.

I think home prices will be up next year by Spring as a result.