London Ontario Real Estate Market Update: Inventory SURGES, Market Slows

#londonontariorealestate #bankofcanada #OntarioRealEstate

London’s real estate market continued to slow in August, with a major upsurge in inventory (especially for August) set to put downward pressure on prices. However, with many expecting the Bank of Canada to hold on rates on Wednesday, the price correction could be short lived.

Links:

London and St. Thomas Residential Market Activity and MLS® Home Price Index Report August 2023:

https://www.lstar.ca/sites/default/files/pdfs/Monthly%20MLS%C2%AE%20Statistics/August-2023/Residential-Market-Activity-Report-for-LSTAR-August-2023.PDF

Canada's economy contracted during 2nd quarter, StatsCan says:

https://www.cbc.ca/news/business/gdp-second-quarter-2023-1.6954239

Surprise Contraction Means Bank of Canada Is Probably Done Hiking Rates:

https://www.bnnbloomberg.ca/surprise-contraction-means-bank-of-canada-is-probably-done-hiking-rates-1.1966344

Policy interest rate:

https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/

Bank of Canada raises its key interest rate to 5%:

https://www.cbc.ca/news/business/bank-of-canada-july-meeting-1.6904330

Stalled Economy Could Indicate Halt In Rate Hikes Next Week:

https://storeys.com/canada-gdp-rate-hike-september/

Unemployment rate rises for 3rd consecutive month to 5.5% in Canada:

https://globalnews.ca/video/9879157/unemployment-rate-rises-for-3rd-consecutive-month-to-5-5-in-canada

Monetary Policy Report – July 2023:

https://www.bankofcanada.ca/wp-content/uploads/2023/07/mpr-2023-07-12.pdf

Philip Cross: Uh-oh. Inflation is rising again. Don't cut interest rates:

https://financialpost.com/opinion/inflation-rising-again-dont-cut-interest-rates

Consumer Price Index statistics (CPI), measures of core inflation – Bank of Canada definitions, Canada:

https://www150.statcan.gc.ca/n1/daily-quotidien/230815/t004a-eng.htm

Wage Growth Picks Up Again in July:

https://www.conferenceboard.ca/insights/wage-growth-picks-up-again-in-july/

Canada 5 Year Government Bond:

https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx

Canada yields take historic dive as investors bet on interest rate cuts:

https://financialpost.com/investing/canada-yields-dive-bank-of-canada-rate-cuts

Bank of Canada rate cut now ‘a near certainty’:

https://www.wealthprofessional.ca/investments/fixed-income/bank-of-canada-rate-cut-now-a-near-certainty/374349

Housing upturn could delay a shift by Bank of Canada to cut rates. What to know:

https://globalnews.ca/news/9698428/bank-of-canada-real-estate/

The Bank of Canada just 'stomped' on the housing market rebound:

https://ca.finance.yahoo.com/news/bank-canada-just-stomped-housing-164615202.html

Canada’s economy sheds jobs but wage growth stays high:

https://www.bnnbloomberg.ca/canada-s-economy-sheds-jobs-but-wage-growth-stays-high-1.1954989

Gasoline prices up from a year ago as drivers head into holiday weekend:

https://www.ctvnews.ca/business/gasoline-prices-up-from-a-year-ago-as-drivers-head-into-holiday-weekend-1.6544775

Saudi Crude Oil Exports Plummet as OPEC Giant Slashes Production:

https://www.bloomberg.com/news/articles/2023-09-01/saudi-crude-oil-exports-plummet-as-opec-giant-slashes-production

Posthaste: Bank of Canada could put rate hikes on pause after September, CIBC says:

https://financialpost.com/executive/executive-summary/posthaste-bank-of-canada-could-put-rate-hikes-on-pause-after-september-cibc-says

Mark Mitchell – Mortgage Broker London Ontario
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