To subscribe, click the red “SUBSCRIBE” button on the sidebar to your right, no spam emails, no sales pitches, just the Milton Real Estate Update in your inbox!
To download the .pdf full version, click here: Milton Monthly – July 2017
Interest rates rumoured to be on the rise
For the second month in a row following the Ontario government’s “Fair Housing Plan”, sales and prices are on the decline. The 196 residential sales in June 2017 represent a substantial 34.2% decrease in volume over the same figure from June 2016. The average sale price of $687,800 was up 11.9% when compared to the figure from one year ago, but down 14.2% when compared to the record high experienced in April 2017. Overall on the year, prices are still up 6.2%, however for the first time in 2017, the average sale price was lower than the average list price.
It seems like there may be an interest rate hike on the horizon. Economists and news publications are speculating that we can expect a 0.25-0.50% rate hike on July 12th, though nothing is guaranteed. Typically such a rate hike will stimulate a large activity of purchases as people lock in a rate for 90 days and try to purchase during that period.
If you need help understanding this ever changing market, don’t hesitate to drop us a line. We always have time to talk real estate!
Your local Real Estate professionals,
Kyle and Jay