Note the stats above are from the Oakville Milton Real Estate Board and may be different from the Toronto Real Estate Board. Not all Oakville Agents list on Toronto, and not all Toronto Agents list on Oakville.

The Bank of Canada decided to hold its key interest rate steady today at 4.5%,  this comes after eight consecutive rate increases since March of 2022.  The rapid rate increases have worked to bring down rampant inflation and the Bank has made it clear that depending on how inflation and the economy progress, further increases may be necessary before the end of the year. Canada’s inflation rate has cooled from 8.1 %  last year to 5.9 % as of January 2023.

The end of 2022 saw Canada’s gross domestic product (GDP) come in weaker than expected. The Bank’s stance is that weaker economic growth will in turn keep demand from driving inflation up. Thus, the increased interest rates have slowed the economy by discouraging household spending and cooling inflationary pressures. The Bank says that the latest economic data is in line with their forecast to cool inflation to 3% by mid 2023.

In Oakville February 2023 saw the average sale price fall 9.5% from February 2022. Compared to last year less homes were sold, there’s more homes to choose from and the days on market have increased giving Buyers more time to make informed decisions.