Durham Region detached homes had a slight drop of 1% in average value from August. However homeowners who purchased back in April when prices had already dropped will realize that their home’s value dropped 16% since.

Have we hit the bottom yet?
Bank of Canada increased it’s policy interest rate by 75 basis points on September 8th, and continues quantitative tightening. Experts are suggesting that BOC may increase the interest rate to 4% to fight inflation.

IMO higher interest rates are putting a strain on the lower class to make ends meet. However the main culprit for inflation is the price of gas and transportation. All the necessities that we cannot live without are costing much more due to the price of transportation. Canadians are not spending more cause they have more cash, they are spending more cause goods cost more. To fight inflation the Federal Government must do everything in their power to lower the cost of transportation.

IMO we have hit the bottom in real estate value and we are in the time of season with the lowest sales in Real Estate. I believe prices will hold steady as they have for the past couple of months till February. Starting March 2023 Real Estate Market will pickup with activity as they do every year and since there is still a high demand for homeownership prices will start going back up.

If you are thinking of selling I would recommend holding off till March 2023 if you can, If you are thinking of buying, right now is the time!

Contact me if you need any Real Estate advice.