December 2023 Newsletter Introduction
OMG – who is ready for the Christmas Festivities? I can’t believe in less than 15 days it will be Christmas Day and we’ll be ringing the new year soon! To get into the holiday mood, I got a chance to take a weekend getaway to visit Leavenworth WA. The iconic German Village that has adorned itself over hundred of thousands of Christmas lights along with the white snowy background makes it the ideal Winter Wonderland! It was a great opportunity to relive a bit of my childhood, and to share it along with my little one as well! I’ve also been scrambling in chicken scratching up Christmas cards which has left my hand cramped out. I’m clearly out of practice in actually writing!
In the last rate announcement of early December, the Bank of Canada has decided to end the year off by holding the rates again. As a result of this continue holding rate, many banks are using this a gauge and feeling optimistic on the long term horizon that rates will be dropping. Banks are now dropping their long term fix rates at an average of 5.49% or even as low as 4.99% depending on different conditions and which financial institution. So there may be a surge of buyers coming thru in early 2024 as banks provide a sense of confidence and encouragement for buyers to start looking again. However, the rate be steady for now, but the chance of rates to continue rising is very much possible so we’ll have to see what the next rate announcement will be on January 24, 2024.
– Sam