The Truth About The October 2022 Real Estate Market
The media has manipulated our minds with their coverage of recent events, from rising interest rates to talk of an impending economic crash. But as always there's more than meets the eye and news coverage is all about headlines and ratings.
If you want the truth, talk to a real estate professional like me; No fear mongering, but also no sugar-coating… honesty and integrity only. While some people are certainly feeling threatened by rate changes and news headlines, the housing market is strong, and the stock market continues to recover as well. The media has used fear of rising interest rates to capitalize on people's uncertainty about their finances and many are selling or putting off retirement savings because they're too anxious about what might happen - but there’s no need for worry! We've seen time after time that real estate always bounces back.
October 2022 was a banner month for the real estate market in Niagara. With average sales prices decreasing by 7% from last year, new listings on par with 2021 levels and fewer sales than expected - it's not surprising that many homeowners are experiencing delays when selling their homes! While we can't ignore these trends this is only the second month that prices have decreased this year and frankly, interest rate hikes were a necessary "evil" due to exorbitant real estate activity and prices earlier this year. I think it's important to keep perspective about where things stand right now: still very much under control.
The real estate market in Canada has been on a steady upward trend for years, and it looks as though this momentum will continue into next year. Mortgage rates rose following last week’s rate hike by the Bank of Canada but I’m confident sales prices will still continue to rise across most major cities in the long-term despite any rate fluctuations that may occur locally or nationally. Housing is a long-term investment and we're seeing more positive vibes in the market as consumer confidence grows. Activity may slow down over the holidays, but it's expected that next year will be another strong one for real estate!