The Inside Scoop....

Over the past four weeks, the average number of new listings in the Westside is 295, while the average number of properties sold is 137, or a sale to list ratio of 46%.  While this makes a balanced market, the average number of price changes is 174.  Properties are taking a  little longer to sell, and Sellers need to price their properties sharply.  In this market, over-pricing at the outset will lead to Sellers chasing the market as it continues to find its balance. 

Today, the Bank of Canada has increased it's key interest rate by .25%, to .5%, which signals an increase in the Prime Lending Rate to 2.5%.  The increase will affect homeowners who have variable rate mortgages, but given the rock bottom rates enjoyed, the increase is considered modest, and fixed mortgage rates remain very attractive.  There are some excellent buying opportunities over the summer, as inventory levels are up, and buyers have more choice, less competition from other buyers, and m ... Full Article...