October 2022 Market Update

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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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