What’s Happening in Real Estate? Let’s Look at the Facts: November 2022 Market Update
So if you’ve had any level of media exposure in the last couple of months, it shouldn’t be a surprise to see that the November stats back up the fact that sales are down.📉
Main reason❓ Interest rate hikes are stiffening buyers, post-Covid inflation playing a large factor here, and market shifts 🔁have caused Sellers to retreat.
But that’s the big picture. On a micro scale, pricing isn’t shifting all that much. The adjustments we are seeing are not nearly as drastic as the drop in sales activity (7% drop ⬇️ in pricing vs 49% in activity). We saw that downward graph in pricing start in the spring, but this has levelled out greatly. Opposing forces of low supply and immigration as well as those taking advantage of the market shift ↔️ have kept purchase prices relatively strong and month to month, the changes are minor. The average price is now sitting at $1,079,395.🏡
What isn’t stressed enough in those doom and gloom media reports?🤔 There’s not a blanket trend happening - you need to look at the specific home type, area and down to the exact property in question. In fact, condo prices are UP by 4% year over year - as with most of the “more affordable” home types.
Because whether you should buy or sell right now is🤷♀️ not a one size fits all. Those that are concerned about the market are equally matched by excitement for investors or Buyers looking to move into a price segment that has seen shifting prices.
The positive here is that if you are selling, you’re not losing🏆. It's not the frenzy of years gone by, and yes although some prices are down, it still means you’ll benefit in the same respect on your purchase🔑. Further, supply will be on your side as a Seller in Ontario, and with the Bank of Canada December announcement, there are many hints that the interest rate tightening is finally coming to a slow down.