When the Bank of Canada made a move to stimulate the economy by lowering the interest rates, no one expected house prices to spiral as swiftly as they did.
Sellers were on a roll and the market was like riding a tsunami. It's reasonable, then, to expect on-going increases in the interest rates would reverse the process by reducing house prices.
April 2017 was proof of that. Everything changed and it took two years for sales and house prices to start moving again.
Fast forward to today.
The banks are convinced the solution to control spiraling house prices is to increase the interest rates, and they're right.
The good news is, Durham Region still has 5.7 % higher prices than last year at this time and 41.3% % higher prices than the same time in 2020! Most other regions share similar comparisons. So, we work with what we've got.