October 2022 Market Update
Update: 2022-10-13
Description
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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