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Current housing downturn is “temporary,” says Re/Max

October 4, 2022

The current sales downturn in Canada’s housing market is brutal for some but temporary for all, according to Re/Max Canada’s 2022 Fall Housing Market Outlook Report released September 28, 2022. 
The report notes a plunge in sales in markets from coast to coast. Compared to a year earlier, as of August 31, 2022, Halifax housing sales are down 35 per cent, Greater Toronto sales are also down 35 per cent, and Metro Vancouver sales declined 28 per cent.
Generally, sales will decline an average 3 per cent to 5 per cent in 2022 in other markets, with a corresponding 2.2 per cent decline in average prices compared to a year earlier, the report states.
According to the Re/Max survey of brokers and agents, 25 out of 30 said rising interest rates have affected activity in their local residential market in 2022. Higher interest rates are resulting in a softer market with less consumer confidence, fewer multiple offers from buyers, and a shift toward more balanced conditions between buyers and sellers.
“While we are still facing significant housing supply shortages across the country, many markets are experiencing softer sales activity given recent interest rate hikes. This provides some reprieve from the unprecedented demand and unsustainable price increases we’ve seen across Canada through 2021 and in early 2022,” says Re/Max Canada president Christopher Alexander. 
“However, the current lull in the market is only temporary. Until housing supply increases, these ‘boom’ and ‘bust’ cycles will likely be a recurring event.”

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