I wanted to provide you with an update on the current state of the real estate market in the Fraser Valley, specifically focusing on the mid-market segment in Summerfield. As a local expert with nine years of experience and a sales record exceeding $200 million, I offer valuable insights and exceptional customer service.
The economy and inflation are still too strong for the Bank of Canada's liking, according to Benjamin Tal from CIBC. As a result, the Bank of Canada has increased its target for the overnight rate to 4.75%, with the Bank Rate at 5% and the deposit rate at 4.75%, and this will undoubtedly have a ripple effect on the housing market.
Downsizing a house sooner rather than later can have several benefits, and I have seen that it is better to do it while you can rather than when you have no choice.
1. Cost savings: Downsizing to a smaller house typically means lower mortgage payments, reduced property taxes, and decreased utility costs. Smaller homes generally require less maintena...