London Ontario Real Estate Update July 2023 - Prices Fall Fast in July: Correction Starting?

#londonontariorealestate #londonontario #lstar

London’s real estate market showed major price drops in July, with the Benchmark, Average and Median prices showing their first significant drops in 2023. While some are coining this a summer slowdown, historical data shows that this slowdown may be much more significant than previous summers.

Links:

London St Thomas Association of Realtors (LSTAR): Latest Statistics -

https://www.lstar.ca/our-latest-statistics

Bank of Canada raises key interest rate to 5 per cent, expects slower return to inflation target:

https://www.thestar.com/business/bank-of-canada-raises-key-interest-rate-to-5-per-cent-expects-slower-return-to/article_03ffa4bb-5548-5a39-9d18-124eee087387.html

Canada 5 Year Government Bond:

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

Real estate market still tilted in sellers’ favour:

https://www.theglobeandmail.com/real-estate/toronto/article-real-estate-market-still-tilted-in-sellers-favour/

What housing inventory numbers can tell us:

https://www.moneysense.ca/spend/real-estate/buying/what-housing-inventory-numbers-can-tell-us-right-now/

The Canadian Real Estate Bubble Was Just Delivered Its Final Blow: BMO:

https://betterdwelling.com/the-canadian-real-estate-bubble-was-just-delivered-its-final-blow-bmo/

Plenty of room for house prices in Canada to rise as interest rates stay low:

https://www.cbc.ca/news/business/housing-boom-column-don-pittis-1.6091568

The central bank can achieve the inflation target only if rates remain elevated into 2025: David Dodge:

https://www.bnnbloomberg.ca/investing/video/the-central-bank-can-achieve-the-inflation-target-only-if-rates-remain-elevated-into-2025-david-dodge~2737664

Average house price down by more than $170,000 since February:

https://www.cbc.ca/news/business/crea-house-data-october-1.6651867

Distressed deals pile up in Canada's once-booming housing market:

https://www.bnnbloomberg.ca/distressed-deals-pile-up-in-canada-s-once-booming-housing-market-1.1780269

Real estate deals timed to mortgage rate moves:

https://www.theglobeandmail.com/real-estate/toronto/article-real-estate-deals-timed-to-mortgage-rate-moves/

Mark Mitchell – Mortgage Broker London Ontario
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