Overall we have 11,931 Listings (108.9% of the recent average)
36.08% of these LISTINGS are Condo
and 63.94 % of these LISTINGS are Freehold
4523 LISTINGS stand in 416 (88.1% of recent average)
in 416
59.47% of Listings are Condo
40.53% are Freehold
in 905
21.77% are Condo
and 78.23% are Freehold
AS FOR FIRST FEW DAYS of SALES
Overall
38.64% are Condo
& 61.36% are Freehold
REMEBERING that in most every month 905 sales are ~150% of 416
in 416
61.13% of 416’s 1011 sales month to date were Condos
and 38.87% were Freehold
and in 905
23.63% of its 1515 Sales so far were Condo
and 76.37% were Freehold
SO… the answer is still market strong, but unlimited BOOM is over,
Sales are at 2nd to 4th best ever level
New Listings return to normal
Consumer Confidence — is in an uproar
Interest rates went up 0.25% and caused a Media frenzy
Speculation from talking heads say expect another one or two 0.25% increases this year (at most)
Still-crazed by their self-created Kovid/Emergency powers, governments rush headlong to make foreign-buyer and speculation adjustment pronouncements, add Housing programs with huge 10yr total funds prominently featured (please don’t divided by 10 province AND by 10 years) and speak grandly about budget items (with poor, future or unstated start dates and necessarily-impossible implementation plans) about Working people and the Middle Class that scare children and make the faint-hearted turn off the TV and bewilder the rest of us.
THERE IS AN ELECTION in ONTARIO on JUNE 2/2022
THERE is a Leadership Race in the Dominion Conservative party and as soon as that is over the Dominion Fiberal party will likely announce same in 2023 with most-of 2024 to acclimatize the public to the new leader’s Gender-Colour-Roots reason for being selected before their noisy repudiation of their till-2025 Entente with the Civil-Service-Major-Gov’t-Sector-Workers-UnioNDP and Declaration of the Quest for a Clear Majority Mandate.
I’m getting tired.
THE ONLY QUESTION is what about the $CDA, the US$ and public Debt charges
Will the COLA-inflation(watch for it in Public Sector contracts) of wages and salaries provide enough Bracket-creep in Income Tax to pay for increased interest rates on the Fisc’s Bonds?
PART 2 — FROM AN email I sent a client this week, who said he had heard “the market was slow”
We just finished 4-6 months of BOOM
so yes – Last 2 weeks of March and 1st week of April has diminished to “Very Good”
Sales in earlier months were 500-550 per day
now it’s 400-450/day
— still a very good level of activity
The REAL concern of Sellers (and Realtors) is “will prices drop… a bit … a lot, how much and when?”
A 0.25% increase in (ultra low Mortgage rates) is too small for the huge Media and B of Canada noise about it
Consumer Confidence is being undermined by BAD NEWs in USA and CBC newscasts – every day more bad news
Making Price comparisons is made more difficult because of the low-list prices (66%-92% of expectation) and Hold-for-Auction Bidding date, desperate Over-bidding (115%-165% of asking prices) methods/strategy of last few years
It looks like there are far fewer instances of that wild bidding and 20-30 offers on Hold Date — many try that MLS game and once it fails – they return to regular List Prices (102%-105% of expectation)
Our Office held its weekly Zoom meeting 4 days ago (as I wrote the note)
– speculation on “what will happen next” is the unspoken-fear/worry behind every question asked and every assurance offered from sales mgr
By end of April,
we will know if it’s NORMAL SPRING market (ie lots of listings and lots of buyers– March thru June is Prime Time of yr)
or will it be lots of listings that are slowly selling (more than 12-13,000 inventory) with far fewer-than-normal (April 9000 5yrAve -9800 10yAve)
I say listings are coming at a more rapid pace now because the Spring Market really starts when “the crocuses appear”
Spring fever typically prompts people to get a new car, get a new suit, get a new home
unclebobexplains 