Market Update November 2023
Ottawa & Lanark County Real Estate Market Update November 2023 statistics are in for another month.
The Bank of Canada has finally seen economic activity slow and predict this will continue into the beginning of next year. Currently, they are confident we have seen the peak in rates. Thankfully this was/is the soft landing they were hoping for.
It is projected that the Bank will pause rate hikes for the next 6-9 months. After that they will very cautiously ease the monetary policy, it will not decrease as quickly as we saw those increases! We could see the overnight rate decrease to 4% by the end of 2024, potentially into the beginning of 2025.
The next Bank of Canada meeting is December 11th 2023.
The 5 year insured mortgage is 5.94% but some brokerages have specials of 5.69% and the prime rate is still at 7.20%.
For more details on the Ottawa & Lanark County Real Estate Market Update November 2023 click here or the above graph
Stay tuned for more real estate insights and tips next month
Reach out if you need more information.
Download the PDF – November 2023 – Market Snapshot
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