August stats are out! Please keep in mind that this once again represents the brand new board area, encompassing Cambridge. Therefore direct comparisons year over year must be taken with a grain of salt. With that being said, the Average Selling Price remained stable AND the Average Selling Price of detached homes is up since July. The Bank of Canada raised the key interest rate today, by 75 basis points, to 3.25%. I’m positive we are going to see more hikes, so PLEASE go get your pre-approvals now…most banks will hold the rate for 3 months, some up to 4 months. Even if you don’t end up purchasing a house, at least you have your pre-approval in place. Contact me for more information.
