Before Labour Day

This is a duplicate report and in these times with wildcard political announcements moving our lives, it’s useful to revisit our baseline.

For about 3 weeks there are slight indications in the data that the market has hit bottom – at least the condo market may have hit bottom.  Freehold properties are still sliding and the bottom average price is which was holding, has unstuck and is declining.

The world tumult is causing unpredictability and that slows the real estate market.  The Bank of Canada held rates again. The bankers are dealing with conflicting facts:  rising bond yields which suggest they should raise rates, and at the same time war and trade struggles.  Mortgage specialists are warning about increasing rates to come as they look at Canadian bond yields.

Real Estate agents are finding some buyers coming back to the market while others are robustly indecisive.  The buyers coming back may be merely seasonal indicators, those with work relocations, those by necessity from family issues, financial stress, or new babies turning into space loving toddlers.  More time is needed to see if an improving market trend is establishing.  More time is needed to see if the mid-terms south of the border change the world outlook.

A trend requires time and consistency to form. There is certainly no consistency in the political climate – except perhaps, chaos.

It’s too soon to make big market declarations regarding trends.