September 2022: Toronto Stabilizes, Niagara drops

 The early numbers are out for September 2022 in Real Estate in Southern Ontario.  

According to the Niagara Association of Realtors (https://www.niagararealtor.ca/public/Stats/2022/Media%20Release%20Stats%20September%202022.pdf), the HPI Benchmark price for September 2022 for Niagara fell 3.7% as compared to August 2022.  For the same period in Greater Toronto (https://trreb.ca/files/market-stats/market-watch/mw2209.pdf), prices were very slightly higher (about 1%).

What does this all mean?  

During the "Covid years" - the ~2 years when mortgage rates dropped almost to zero and work-from-home was a reality for almost everyone - Niagara-area Real Estate prices rose at a much greater rate than GTA houses.  Now that interest rates have returned to "normal" levels, and that work-from-home is not a universal reality for almost everyone, you would expect Niagara prices to retract further than GTA prices.  This is now what we're seeing.  

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