In August, home sales inched up slightly as buyers and sellers adjusted to the shifting interest rate landscape in Canada. While the growth was modest, many experts expect that as interest rates begin to ease, more people will feel confident entering the market, leading to a gradual uptick in sales.
Currently, high borrowing costs continue to keep many would-be buyers on the sidelines. However, with the possibility of lower rates in the future, the market could see more momentum by the end of the year. Many economists believe that interest rate cuts, though not imminent, are on the horizon, especially as inflation stabilizes.
This gradual return to the housing market is likely to be slow, as both buyers and sellers remain cautious. Still, some homeowners may feel pressure to sell before rates drop too much, hoping to take advantage of current market prices before more competition arrives.
Overall, while the housing market isn't booming yet, the forecast suggests a slow and steady recovery, particularly as interest rates begin to fall. This could provide much-needed relief to buyers and sellers alike.
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