Quick update of our market in October 2012

According to MLS statistics, total numbers of sales in October 2012 is up by 15% over October 2011. Year to date we are still up 1% in number of sales and up 4% in total sales dollars from last year in the Peterborough area. Current number of listing including all categories in the area is 1851. This is down from a little over 2000 listings total in October 2011. Real lack of inventory of listings.

 

The Bank of Canada announced on October 23^rd, 2012 it is keeping kept its key policy rate at 1 per cent, where it has been held steady for two years. This marks the longest period since the 1950s that rates have been left unchanged.

The announcement was similar to those in September and July, including the bottom line that the Bank would still like its next move to be a rate hike. However, the Bank’s tone surrounding the timing and degree of such a move was softened, saying some “modest withdrawal” of current monetary stimulus – read small increase in interest rates– will “likely” be required “over time”.

 

On another note, I write and video great blogs on the market every few days. Check it out at    www.bradpsinclair.blogspot.ca or www.bradsinclair.ca. I also use twitter to pass on interesting      articles throughout the day that I have read in the papers Canada wide. Worth the follow @bradpsinclair.