Compared to the surrounding real estate markets, Princeton is showing improved sales figures overall. Seeing a whopping 51% increase of sales over last year is an amazing bounce back year, but if you look back to 10 years of sales history this is more comparable to the average years of 2014 and 2022, indicating how challenging the market was for 2023.
Canada is seeing soft economic and employment data, and some economists predict that the BoC’s Key Rate could fall another 150 basis points to sit at 2.75% over the next 9 to 12 months from the current 4.25%. However, the Bank of Canada will likely proceed cautiously so that rapidly falling rates don’t create a sudden light-up of housing exuberance, reigniting overall inflationary pressures.
The next Bank of Canada interest rate announcement is October 23rd and many economists are predicting a .50% rate this time around. This is good news for first time buyers looking to enter the market and those looking to renew existing mortgages. This is all positive news for sellers in the Princeton market as we will see continued demand for real estate in the area.
Don't hesitate to reach out if you have any questions about the Princeton market or if you're interested in buying or selling.
