The Vancouver Life Real Estate Podcast Toronto Real Estate Market Update for February 2023
There’s an information battle going on with what we’re reading in the news compared to what we're actually seeing take place on the ground. There appears to be two very different stories emerging. With recent news articles from the financial post, stating that economists at Oxford Economics believe we are only halfway through the housing price correction - quote: “Prices are already down 14% since the peak in February - and will fall another 16% by the middle of this year. When home prices hit bottom, they will correct by 30%”. What’s more, they even address a worse case scenario which would see housing prices collapse by a total of 48% from peak to trough putting us back to 2014 levels! Despite admitting that it is a very rare possibility, we just don’t see the same narrative taking place.
Furthermore and in the same week, Stats Can released a consensus report showcasing how 50% of Vancouver homeowners do not have a mortgage - meaning these interest rate hikes are not affecting principle residences like many Buyers thought and hoped. The report is very interesting as it really helps Buyer’s understand why we haven’t experienced any kind of panic selling in the lower mainland. Interestingly the report found that 43% of home owners in Toronto are also mortgage free - however with more condo supply coming to the market, will this hold true? For Vancouver the story appears to contradict the Oxford Economics report because without a surge in supply, the price for homes will only shift down moderately if interest rates persist.
This weeks podcast we address these two topics and interview Merete Lewis, a high performing and award winning Real Estate agent working in the GTA to give us her perspective on these two issues and whether Toronto, Canada’s biggest real estate market, is seeing a similar story to what we’re seeing here in Vancouver. Check out the episode and hear the first hand stories of properties selling multiple offers in both regions, line ups of Buyers and what feels like an early spring buzz. Where do you think the market will go from here?
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