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
Downtown Vancouver stabbing suspect dead after being shot by police
A suspect is dead after being shot by police in a Vancouver convenience store after two people were injured in a stabbing Wednesday morning, according to authorities.
2 Canadians confirmed dead in Poland, as consular officials gather information
Two Canadians have died following an incident in Poland, CTV News has learned.
Ontario Premier Doug Ford calls Donald Trump 'funny guy' in Fox News interview
Ontario Premier Doug Ford called U.S. president-elect Donald Trump a 'funny guy' on Wednesday in an interview with Fox News for his comment that Canada should become the United States's 51st state.
DEVELOPING As police search for suspect, disturbing video surfaces after U.S. health-care CEO gunned down in New York
UnitedHealthcare CEO Brian Thompson was killed Wednesday morning in what investigators suspect was a targeted shooting outside a Manhattan hotel where the health insurer was holding an investor conference.
Toddler fatally shot after his 7-year-old brother finds a gun in the family's truck
A two-year-old boy was fatally shot when his seven-year-old brother found a gun in the glovebox of the family's truck in Southern California, authorities said.
Millions in Cuba remain in dark after nationwide blackout
Cuba said it was generating only enough electricity to cover about 1/6th of peak demand late on Wednesday, hours after its national grid collapsed leaving millions without power.
'Utterly absurd': Freeland rebuffs Poilievre's offer of two hours to present fall economic statement
Deputy Prime Minister and Finance Minister Chrystia Freeland has rebuffed Conservative Leader Pierre Poilievre's offer to give up two hours of scheduled opposition time next Monday to present the awaited fall economic statement as 'utterly absurd.'
Canada Post stores continue to operate during strike — but why?
As many postal workers continue to strike across the country, some Canadians have been puzzled by the fact some Canada Post offices and retail outlets remain open.
Mattel sued over 'Wicked' dolls with porn website link
Mattel was sued this week by a South Carolina mother for mistakenly putting a link to an adult film site on the packaging for its dolls tied to the movie 'Wicked.'