Market Commentary October 2024
IN MARKET NEWS…
The recent rounds of cuts seem to have sparked some interest among buyers ready to jump into the market. While sales are still below historical trends, I’m optimistic that we’ll see some positive changes as the Bank of Canada continues to make interest rate cuts, making home buying more achievable for those looking to move.
It’s encouraging to see that home sales improved last month and even surpassed last year's levels for the second consecutive month in the Greater Hamilton Area (GHA). While October sales are still a bit below the long-term trends for this time of year, it’s a significant step up from the first and second quarters of this year.
Inventory levels have eased slightly, but there are still plenty of options out there for buyers. I’m curious to see if the next round of interest rate cuts expected in December will help lure back those who are still waiting on the sidelines. Let’s keep an eye on the market together!
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