October 2022 Market Update

Price Declines Stabilize, Short Term Future Uncertain Amid Interest Rate Hikes, Despite Record High Immigration and Continually Tight Supply. 

Story At A Glance: 

• Slowest September for sales since 2012 with sales down 30% year over year.
• Showing activity in September lowest of the year.
• Buyer sentiment does not seem as negative as the industry experts' commentary.
• Inventory is basically flat month over month at 2.25 months of inventory despite weak sales, indicating ongoing scarcity and or sellers holding back inventory.
• Central Bank Interest rate commentary increasingly slanted towards further rate hikes.
• Low inventories currently suggest low selection and competition could return as soon as interest rate signaling flips, but such timing is a very large unknown. 
• New housing construction starts slowing on lower industry confidence, this and tighter lending will lead to a bleak housing future in Ontario. 
• Great uncertainty surrounds the next 6-12 Months on the macroeconomic scale.

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