October 2022 Newsletter Introduction

Fall is now fully in effect! The changing colours of the leaves is a great indicator to welcome the new Season. Missed out on sending out the September newsletter as there was some personal family matters that required my attention. As a result, I’ll include both August and September stats package to this newsletter. I’m sure many of you as well as myself that September and this first week of October have been surprisingly warm with clear skies. The crisp air that usually comes with Fall have yet to arrive so I’m trying to enjoy the warmer weathers before it quickly disappears. 

So what’s the latest for the real estate market? Answer – we’re experience a bit of a lull. The lack of inventory and demand has made the market reach a standstill. Homes that are available have been on the market for some time. Worldwide economic growth has come to a halt as we’re all being impacted by the soaring inflation. Many lenders and banks have tightening the rein to hold back on borrowing and increasing the interest rates. As Canada continues to curb the inflation, we are waiting for our next interest hike announcement later this month, and a possible hike by December. With the increase in interest rates, this would most likely to continue a downward pressure on demand and stay flat or slightly drop. However, there is a possibility that we may see some sort strategy change from the government since the Bank of England – one of the largest banks in the world have decided to pivot from the strategy of increasing rates. Would other banks follow suit? We’ll have to see….

– Sam