JULY 2022 MARKET UPDATE

HIGHER BORROWING COSTS CONTINUED TO IMPACT HOME SALES IN JUNE 2022. THERE WERE ♦ 4,912 HOME SALES REPORTED THROUGH THE TORONTO REGIONAL REAL ESTATE BOARD (TRREB) MLS® SYSTEM IN JULY 2022 – DOWN BY 47 PERCENT COMPARED TO JULY 2021. FOLLOWING THE REGULAR SEASONAL TREND, SALES WERE ALSO DOWN COMPARED TO JUNE. ♦ NEW LISTINGS ALSO DECLINED ON A YEAR-OVER-YEAR BASIS IN JULY, ALBEIT DOWN BY A MORE MODERATE FOUR PERCENT. THE EXPECTATION IS THAT THE TREND FOR NEW LISTINGS WILL CONTINUE TO FOLLOW THE TREND FOR SALES, AS WE MOVE THROUGH THE SECOND HALF OF 2022 AND INTO 2023.

"WITH SIGNIFICANT INCREASES TO LENDING RATES IN A SHORT PERIOD, THERE HAS BEEN A SHIFT IN CONSUMER SENTIMENT, NOT MARKET FUNDAMENTALS. THE FEDERAL GOVERNMENT HAS A RESPONSIBILITY TO NOT ONLY MAINTAIN CONFIDENCE IN THE FINANCIAL SYSTEM BUT TO INSTILL CONFIDENCE IN HOMEOWNERS THAT THEY WILL BE ABLE TO STAY IN THEIR HOMES DESPITE RISING MORTGAGE COSTS. LONGER MORTGAGE AMORTIZATION PERIODS OF UP TO 40 YEARS ON RENEWALS AND SWITCHES SHOULD BE EXPLORED," SAID TRREB PRESIDENT KEVIN CRIGGER.

WHETHER YOU ARE CONSIDERING BUYING OR SELLING IN THIS MARKET, A STRATEGIC ACTION PLAN IS NECESSARY FOR SUCCESS
AND THAT'S WHERE WE DELIVER RESULTS

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