Things are changing very rapidly in our Peterborough County, and Ontario housing market at large. Bidding wars are seeing far less offers, and many are starting to miss their offer dates all together. The market has changed massively from the market we knew just a month ago that still seemed to be at its frenzied peaks.
Continued news of rising rates and the true end of low for long interest rates / cheap money has us wondering if this current softening of the market is more than just the seasonal flush of inventory coming on.
While it is likely that our true scarcity of dwellings relative to residents in Ontario will continue to persist, it also seems likely right now that with borrowing costs going up and incomes staying stagnant, peoples unwavering faith that this market will continue to rise may be exhausted.
We will continue to follow these trends closely, and hope you got some value out of this information.
Connect with Mitch on social:
https://twitter.com/MitchClearyPTBO
https://facebook.com/mitchcleary.realestate/
https://instagram.com/mitchcleary.realestate/
Subscribe! Mitch Cleary PTBO:
https://www.youtube.com/channel/UCHLzAe3Z0k_PyVEM1NhKmiA?sub_confirmation=1
Connect with me with the links below:
My Website
YouTube
Twitter
Instagram
Facebook
Or email me at mitch.cleary@century21.ca