https://creastats.crea.ca/board/orea
Sounds like sales volumes in Ontario are drying up. My understanding is that this happens because the sellers have not yet adjusted their prices to the new lower market rate. Prices are likely to fall now as sellers have to refinance into higher rates and might have to liquidate and downsize.
Sales are down, but so is supply. Low volume is a condition that could lead to price decreases if a flood of distressed supply hits. So that’s kind of what we’re waiting to see happen. So far, surprisingly tight and actually possibly prices trending higher over the last two months.
Yes, I was thinking that Canadians are forced to more frequently refinance (compared to the 🇺🇸) and this could create distressed supply. Wasn’t unaffordability already at record levels? I’m imagining that higher interest rates combined with likely higher job losses will bring the market down. I guess we’ll see.
