The month of November is following along the same trend that we’ve seen since mid August. We’ve been in a balanced situation between buyers and sellers, having experienced a large decrease in price from the peak between March through July.

As the volume is a lot lower than it’s been in the past, we’re starting to see some variation in our graphs that have more to do with sales mix and less to do with market changes. If you see a large variation in your home type, in your specific city, month-over-month, know that it may not reflect a change in home value and just reflect what sold in the given month. As always, your home is unique and we can complete a proper home evaluation for you if you’d like to know more specific numbers.

This week the Bank of Canada raised interest rates by another half percent. The big difference between this announcement and previous announcements is that the governor of the Bank of Canada has clearly indicated that we are nearing the end of the rate increase cycle. In the past, the governor has stated that interest rates will continue to go up, and this time he stated that the bank will be considering whether or not the rate has to go higher.

With manufacturing orders in China down by 40% and seatainer shipping rates back to pre-pandemic levels, I would expect that within six months we’ll see some relief in prices, which will likely provide an onramp for future rate decreases nearing the end of 2023 into early 2024. Our long term outlook in southern Ontario is very strong. As interest rates come down off the peak and more people move into the area through our expanded immigration policies, we expect our real estate market to stay very strong over the medium and long term.

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