Slow Real Estate Trends Continue in November 2022

 Rebounding interest rates kept prices muted in Toronto and Niagara for November 2022.  Both markets saw a decrease in their Housing Price Index (Toronto down about 0.5%, Niagara down about 1.7%) against October 2022.  The recent 0.5% rate announcement increase by the Bank of Canada should continue to keep activity soft for the month of December.

January/February is traditionally a rebound time for market activity in Southern Ontario.  The steep rise in interest rates over the past 9 months may bring an uptick in activity driven by some homeowners becoming "house-poor" when re-negotiating their mortgages from Covid-era low rates, to current much higher rates.  Time will tell if/when this has an effect.

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