Rob Johnson

Interesting analysis from Daniel Foch posted in R.E.M. November 18th showing more signs of a weakening market - https://realestatemagazine.ca/canadians-feeling-the-strain-as-weak-sales-persist/

Another report by Global News posted on MSN illustrates that the government is recognizing the stress on mortgagors as their terms come up for renewal.  Although these measures, combined with rates likely peaking, doesn't cause buyer's to act from my experience.  People tend to act when they have to act - ie. when rates bottom out.  When rates are on the decline the majority sit on the sideline watching & waiting while costs & pricing diminish.  Hence I don't see a significant increase in demand in the near future.  Check out the link to the Global News report here - https://www.msn.com/en-ca/money/other/ottawa-loosens-mortgage-stress-test-in-housing-focused-fall-fiscal-update/ar-AA1kjpUW?ocid=NL_ENCA_A1_00010101_1_1

Here's 2 great articles recently posted by R.E.M. (Real Estate Magazine) that appear to illustrate we are heading for a further market decline:  

Danny Kucharsky's Oct. 31 post The State the Condo Market: GTA and Vancouver may be about condos but rest assured this will affect detached & townhome markets too.  Kind of like the pebble in the pond & the ripple effect. Read on... https://realestatemagazine.ca/state-of-the-condo-market-gta-and-vancouver/

He also writes about the Power of Sale in his Oct. 26 post.  Although this speaks about mostly private lenders, I think this is an indication of what's to come with conventional lenders and foreclosures.  https://realestatemagazine.ca/power-of-sales-avoid-trouble-navigating-the-surge-with-tips-tricks-and-expert-advice/

There is no doubt that the increase in interest rates & rising inflation is having a huge impact on affordability with no relief in sight for the near future!!