This week started off slowly as consumers took a wait and see strategy, in anticipation of a positive rate announcement, and ended the week down just 4.6 percent from last week. However, once the news broke about this week’s rate cut of 25 bps, which was the first time the BOC reduced rates in over 4 years. As a result, Friday surged with 536 appointments just days after the rate reduction. Overall, our monthly appointment numbers for the first complete week of June is showing a 32.9% decrease, over the same period last year.
The appointment/sold index continues to hover below 10, a trend we have been seeing for the past several weeks. As noted in last weeks appointment centre report, this trend is one we have not seen for a few years now. It indicates that the market is still holding strong and buyers are continuing to make quicker and more confident purchasing decisions.
For the second week in a row, the $1-2M price range that often holds the #1 spot in all three regions has been usurped by the much lower $550-600k range in Niagara. As usual, the Halton region is seeing all of our highest price ranges represented on the chart. Finally, the mid-range prices are holding strong in Hamilton, besides the usual $1-2M price range at #1.
