December’s Newsletter: Brunch Spots That Take Resos – 9 Cozy Ontario Getaways – 16 Home Trends You’ll See Everywhere by 2025, According to Experts
December 13, 2022
If there’s one thing I like about the holiday season, it’s that it’s the easiest time of year to disconnect a little from the business world. People think less about real estate and more about spending time relaxing with family and friends. For me, the work pressures ease and I can join the party with my peeps!
Speaking of parties, below you’ll find my list of holiday events happening in the city and, if you’re looking for an escape, some cozy cabins a short drive away.
The monthly sales numbers are out from TRREB and we’re seeing the trend from past months continue. The number of sales are down and prices continue to soften. I predict we’ll continue to see this until the Bank of Canada announces that inflation has eased and rate hikes are a thing of the past. In the most recent interest rate announcement, the language used indicates that the BoC is going to ‘consider’ raising rates in 2023, which is less definitive than earlier statements.
On a more positive note, new listings were still down year-over-year. This indicates that, even with rising rates, homeowners with variable rates are still able to afford the increases and haven’t been forced to consider selling just yet.
What’s going to happen with Toronto real estate in 2023? It’s hard to predict but if rates level off, I suspect we’ll continue to see a bit more of the “wait and see” attitude currently looming in the market. Consumer confidence has to build before we see a surge in sales again and that will only come with a prolonged period of stability.