Following the ownership market as a whole, Q3 2022 condominium apartment sales were off by approximately 46 per cent compared to Q3 2021. Despite there being substantially more balance in the market in the third quarter relative to a year earlier, the average selling price was up year-over-year, albeit by less than the current pace of inflation.

There were 4,177 condo apartment sales reported through TRREB’s MLS® System in Q3 2022 compared to 7,795 in Q3 2021. The number of new listings was also down over the same period by 16 per cent to 10,258.

“The condo market remains a very important segment in the GTA housing market, both in terms of ownership and rental. The ownership side of the market has been slower, as some first-time buyers have been sidelined by higher borrowing costs and the hit on affordability. Many of these would-be buyers have shifted to the condo rental market in the short-to-medium term to meet their housing needs,” said TRREB President Kevin Crigger.

The average selling price for condominium apartments in Q3 2022 was $720,132 – up 4.5 per cent compared to $689,230 reported for Q3 2021. In the City of Toronto, the average selling price was $749,375 – up 3.3 per cent.

“The pace of condo price growth has moderated as higher borrowing costs have hampered affordability since the spring. However, the impact has been mitigated to a certain degree by a dip in listings over the same period. A shorter supply of condos will likely provide some support for prices in the months ahead,” said TRREB Chief Market Analyst Jason Mercer.

Vancouver real estate sales down 45% in October
Composite benchmark price reached $1,148,900 last month, up 2.1% from last October but down 0.6% from September

https://financialpost.com/real-estate/vancouver-real-estate-sales-down-45-percent-october

Located at Yonge and Sheppard, the development is steps away from the subway and shows great promise for investors. It is the first building to come to the area in 10 years, and the demand is there: this area is the biggest employment hub in the GTA! Priced below current resale prices in the neighborhood, the units at Northcore are a steal! Rents in the North Core are high as well, giving good perspectives to investors!  

Yahoo Finance: Inflation rose another 6.9% in October, driven by higher gas prices.
https://ca.finance.yahoo.com/news/inflation-rose-another-69-october-higher-gas-prices-133635342.html

The Federal Reserve will downshift in December to deliver a 50-basis-point interest rate hike.

https://www.reuters.com/markets/rates-bonds/fed-lift-rates-by-50-basis-points-peak-policy-rate-may-be-higher-2022-11-18/

"Canadian Housing Prices to Decline 17.5% Peak to Trough - Reuters Poll"

https://ca.investing.com/news/economy/canadian-housing-prices-to-decline-175-peak-to-trough--reuters-poll-2840855

Canadian inflation remains high and broad based and more interest-rate increases will be needed to cool the overheating economy, Bank of Canada Governor Tiff Macklem said in testimony at the House of Commons on Wednesday.

“Inflation has come down in recent months, but we have yet to see a generalized decline in price pressures,” Macklem said. “This tightening phase will draw to a close. We are getting closer, but we are not there yet.”

https://ca.news.yahoo.com/canadas-inflation-remains-too-high-214944436.html

Overlook of Canadian housing market in October 2022

Bank of Canada Hikes Rate to 4.25% and Signals Potential Pause https://www.bloomberg.com/news/articles/2022-12-07/bank-of-canada-hikes-rate-to-4-25-and-signals-potential-pause

Applications are now open to apply for the one-time top-up to the Canada Housing Benefit!

Find out if you’re eligible and how to apply: ow.ly/B8P850LZC6K

The Bank of Canada said it’s more worried about not raising interest rates high enough to quell inflation than it is about inflicting additional economic pain through higher borrowing costs.

https://www.bnnbloomberg.ca/bank-of-canada-governor-tiff-macklem-to-make-year-end-speech-today-1.1858067?taid=639793b1c89e55000120bd9d

Homebuyers looking for bargains in 2023 may be disappointed, says Royal LePage
Realtors forecast modest 1% drop in 2023 home prices because of supply shortage


https://financialpost.com/real-estate/aggregate-home-prices-will-end-2023-down-slightly-for-the-year-royal-lepage-projects

Tiff Macklem says he won't settle for anything less than a return to 2% inflation


https://financialpost.com/news/economy/tiff-macklem-return-2-percent-inflation

Immigration Propels Canada’s Population Growth to Fresh Annual Record
https://www.bloomberg.com/news/articles/2022-12-21/immigration-to-canada-population-growth-hits-fresh-annual-record

Got a housing bubble?

Housing prices plummeting?

Decimated your productive economy through the misallocation of trillions of dollars of capital?

https://www.linkedin.com/posts/steve-talakoub-2664ab170_statistics-canada-on-twitter-activity-7011710965209608192-2MzB

Average statistic of Toronto housing market, December 2022

Bank of Canada releases details on interest rate decision for the first time.
https://www.ctvnews.ca/business/bank-of-canada-releases-details-on-interest-rate-decision-for-the-first-time-1.6265265

More than 86 per cent of London's apartment condos are owned by investors: StatsCan.
https://www.cbc.ca/news/canada/london/london-ontario-investment-property-1.6739784