Average prices slide lower again from October to March, BUT Months of Inventory finally reverses. Sales activity in October shows more hope for a resilient market than September numbers, but large systemic financial risks still loom. Let’s dive into the stats and the story below! All statistics presented are for the City of Peterborough, and are not indicative of County Activity unless otherwise stated. 

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Price Declines Stabilize, Short Term Future Uncertain Amid Interest Rate Hikes, Despite Record High Immigration and Continually Tight Supply. 

Story At A Glance: 

• Slowest September for sales since 2012 with sales down 30% year over year.
• Showing activity in September lowest of the year.
• Buyer sentiment does not seem as negative as the industry experts' commentary.
• Inventory is basically flat month over month at 2.25 months of inventory despite weak sales, indicating ongoing scarcity and or sellers holding back inventory.
• Central Bank Interest rate commentary increasingly slanted towards further rate hikes.
• Low inventories currently suggest low selection and competition could return as soon as interest rate signaling flips, but such timing is a very large unknown. 
• New housing construction starts slowing on lower industry confidence, this and tighter lending will lead to a bleak housing future in Ontario. 
• Great uncertainty surrounds the next 6-12 Months on the macroeconomic scale.

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Hello everybody! 

Welcome back to another episode of the PTBO housing show. We have a guest this week - we’re happy to welcome Jeff Leal, who is one of our Mayoral candidates in Peterborough. Jeff’s got a long history, story, and background in politics in Peterborough and in Ontario. This week we sit down and talk about all things of interest to Peterborough residents and the surrounding area in terms of our upcoming election. 

Story at a glance:

• What got Jeff into politics?
• How he will deal with some of the Peterborough City bottlenecks in terms of construction permit approvals. 
• His thoughts on drugs in the downtown core. 
• The issue of homelessness in Peterborough. 
• His thoughts on PATH (Peterborough Action for Tiny Homes), and how he would get city council on board if they became at odds with city staff. 
• What type of jobs he would like to create. 
• His position on our taxes in the Peterborough budget. 

For anyone listening to the audio that would prefer a video or blog version, the full interview is on my website here.

Importance of Voting!!
Peterborough residents - if you haven’t already gotten your letter in the mail to log on and vote, make sure you track that information down. There was a very low turnout in the last municipal election, and when it comes to voting and elections, the number one thing that anybody can hope for is that no matter who gets selected, that there is at least a strong representation of voters so that we know whoever is elected is truly the choice of the people.

Welcome to the show, Jeff!

Find Jeff's campaign here: https://www.jefflealformayor.ca

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Story at a glance:

- Average Sales Prices Continue to trend downward.
- August saw the first decrease in overall inventory month over month this year.
- August saw the first increase in total sales volume month over month since peak activity this March
- Buyer confidence remains low even though housing scarcity is still apparent in rising rents.
- The BOC’s next moves are uncertain
- The multi-varied equation of buyer demand for our peterborough region continues to shift based on several factors discussed in this article. 
- We are yet to see a bottom in the market, and opinions about how close we are vary greatly. 

Find Mitch:

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Podcast: “The PTBO Housing Show” on all major platforms

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Story At a Glance:

- Last week and the last month in Peterborough Ontario Real Estate Sales key metrics review.
- Showing activity update.
- Discussion over when a recovery may occur, and how it might play out.
- Interest rate and affordability discussion.
- Summer podcast schedule discussion!

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Podcast: “The PTBO Housing Show” on all major podcast platforms

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Episode At A Glance:

- Inventory continues to rise, but the pace slows from prior weeks highs.

- 0.75% interest rate hike is likely coming, but are its effects already baked into the market pricing or will the announcement have a further effect?

- Peterborough Action For Tiny Homes has a huge announcement to make in having found a land partner that makes a potential tiny home site to house the homeless a real possibility.

I hope you enjoy the episode! Catch up with us in the Youtube comments if you want to join the conversation. 

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In this week we take a look at the last 7 days, and last 30 days trends in Peterborough Real Estate. We cover:

- Inventory continuing to rise.

- What the governments next moves might be.

- How to think as a buyer or a seller.

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Podcast: “The PTBO Housing Show” on all major podcast platforms

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In this weeks market update we review the last 7 days and the May statistics for 2022. 

Next we talk about what's happening in Toronto, the current interest rates, and how all of this affects our local market. 

Whether you're a buyer, seller, or investor - the shift in the market is making everyone wonder if this is the right time to make a move in the real estate world. The best thing you can do is be educated and aware of what's happening to make an informed decision. 

Thanks for tuning in!

Mitch

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Connect with Mitch:

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Podcast: "The PTBO Housing Show" on all major podcast platforms

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In this weeks interview, I got to sit down with Henry Clarke, who is one of the two announced mayoral candidates for Peterborough. We chat about his involvement in politics, his current run for Mayor, what's on his priority list for our community if he gets elected, and about housing in Peterborough. 

A huge thank you to Henry for taking the time out of his busy schedule to chat with me. 

We hope you enjoy today's show, and I look forward to catching up with you in the comments!

You can find Henry's campaign website here: www.henryclarkeformayor.ca

If you want to consult with our team about how to navigate this difficult market, reach out to us here: [email protected]

Connect with Mitch:

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Twitter: https://twitter.com/MitchClearyPTBO
Podcast: “The PTBO Housing Show” on all major platforms

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In this episode we discuss the last 7 days of housing in Peterborough Ontario, as well as a glance at what has happened with prices and inventory in the last 30 days.

Next we talk about how buyer and seller sentiment are shifting, and what the next few months might hold.

Even though there appears to be a momentary pause to the market losses, much uncertainty still looms and we discuss that in this weeks show.

Inquire about our Private Investor Seminar:

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