House Prices Decline in 2022 – Interest Rates Go Up
The Thorold Real Estate Market Update for April 2022 provided by local realtor Crystal Simons shows the average sale price of a house in Thorold was $751,729. On a month-to-month tracking, we see the average sale price sliding down from $879,900 in February, 2022 and $846,529 in March, 2022. Let’s see how the trend goes when the May statistics are released.
Based on the April 2022 MLS statistics, the average days on the market in Thorold was 14 days – down 21 percent on a year to year comparison.
In April, there were 25 sales in Thorold, which was down 39.6 percent in a year to year trending, according to the MLS statistics.
Listings also headed downward in Thorold showing a 10.7 percent decline in a year to year tracking shown by the April 2022 MLS report.
What does this trend show people planning to buy or sell a home?
If you are looking to sell, hire someone local who can navigate you through what the market is doing.
Crystal Simons, Sales Representative, Revel Realty
We are still seeing strong sales its just taking longer. We have grown accustomed to houses selling in a day. In some cases this may happen but we are heading into a more balanced market with some great opportunities for buyers as well.
Crystal Simons, Sales Representative, Revel Realty
Interest Rate Increase
The Bank of Canada raised its interest rate on June 1st to try and manage soaring inflation. The rate jumped to 1.5 per cent. This means that borrowing money for mortgages on a house purchase is becoming more expensive for Canadians.
Yes interest rates have increased but I think everyone knew this was going to happen its just the quick time frame it has taken place has set some buyers back. I feel we will still have a steady market through the summer
Crystal Simons, Sales Representative, Revel Realty