Real estate home prices projected to drop even more this fall
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CHILLIWACK — As daunting as the repeated interest rate hikes have been for customers holding variable rate mortgages, or those looking for a stability on a fixed interest rate package, there’s a silver lining for prospective home buyers looking to get into the market.
Not only are prices projected to drop by at least 2 per cent this fall, according to sales forecasts released by ReMax Canada, but people who get into the market are bound to see a return on their investment over a span of 5-7 years.
Realtor Daryl Moniz, who is president of the Chilliwack and District Real Estate Board, says sellers will still have something to show for themselves once they have skin in the game.
“Considering that the Bank of Canada has a goal to return the inflation benchmark to around 2 per cent, it will put a downward pressure on pricing,” Moniz said. “Unit sales for the province are expected to be flat for the next year. However, when looking at the average turnover in housing of 5-7 years, sellers will still see a profit from the time they purchased in the area of 55 per cent.”
