Interest rate cut fuels increase in home sales: London-St. Thomas Association of Realtors
According to the London St. Thomas Association of Realtors, a series of interest rate cuts helped fuel an increase in home sales last month.
“Little bit of pent-up demand. People were waiting to see the sign that the rates were going to stay stable and probably continue to go down a little bit,” said association CEO Bill Madder.
According to LSTAR the average sale price of a home in November was $640,198 - reflecting an increase of 5.9 per cent over November, 2023.
Six-hundred-forty-one homes changed hands, for an increase of 35.5 per cent year over year, and new listings were up 10.8 per cent year-to-date.
Madder said the market is starting to see the effect of cuts to the prime lending rate. “It’s definitely helping. I think there’s probably more response to that to come yet,” he speculated.
Bill Madder, CEO London St. Thomas Real Estate Association (Bryan Bicknell/CTV News London)
Madder said sellers still have an advantage in the current market, but the interest rate cut helps bring more balance.
“If we compare to 2020-2021, that was clearly a benefit to the sellers. Now I think there’s probably a little more balance in our market.”
The Bank of Canada is expected to cut the interest rate once more this year.
CTVNews.ca Top Stories
BREAKING Canada's jobless rate jumps to near 8-year high of 6.8% in November
Canada's unemployment rate rose more than expected to 6.8 per cent in November, a near-eight-year high excluding the pandemic years, even as the economy added a net 50,500 jobs, data showed on Friday, likely boosting chances of a large interest rate cut next week.
3 climbers from the U.S. and Canada are believed to have died in a fall on New Zealand's highest peak
Three mountain climbers — two from the U.S. and one from Canada — missing for five days on Aoraki, New Zealand's tallest peak, are believed to have died in a fall, the authorities said Friday.
Salmonella cucumber recalls include products that may not be labelled: CFIA
The Canadian Food Inspection Agency has published an expanded pair of recalls for cucumbers over risks of salmonella contamination.
NEW Canada set to appoint Arctic ambassador, open new consulates as part of new Arctic Foreign Policy
Canada will appoint a new Arctic Ambassador and open two new consulates in the region to help deal with what it calls changing geopolitical dynamics in the Arctic, as part of its newly launched Arctic Foreign Policy.
Purolator, UPS pause shipments from couriers amid Canada Post strike
Purolator and UPS have paused shipments from some courier companies as they try to work through a deluge of deliveries brought on by the Canada Post strike.
DEVELOPING Police scour New York for suspect two days after UnitedHealth executive gunned down
Armed with a growing file of clues, New York police on Friday were scouring surveillance videos and asking the public for help in their search for the masked assailant who gunned down a UnitedHealth executive on a Midtown Manhattan sidewalk.
opinion How will the weak Canadian dollar affect your holiday and travel plans?
As the Canadian dollar loses ground against major global currencies, personal finance contributor Christopher Liew explains how current exchange rates can impact your travel plans, and shares tips to help you plan smarter and protect your wallet.
The world has been warming faster than expected. Scientists now think they know why
Last year was the hottest on record, oceans boiled, glaciers melted at alarming rates, and it left scientists scrambling to understand exactly why.
Vancouver Mayor Ken Sim admits to being 'orange pilled' in Bitcoin interview
Bitcoin is soaring to all-time highs, and Vancouver Mayor Ken Sim wants the city to get in on the action.