This week alone, I’ve read multiple articles published by well-established new sources citing that house prices are in a free fall and in general we should be panicking with fears that your homes will continue to decline in value.
But is that true?
New analysis from Konfidis.com of detailed MLS transaction-level data calculating average home sold price at the time of sale suggests that there are several communities in Ontario that have experienced a resistance to further price decreases. This first look at the data shows that the decline in home sold prices has slowed down and, in some cases, stopped.
10 communities showing house old price decline resistance, as follows.
- Ajax
- Clarington
- Guelph
- Kingston
- Kitchener-Waterloo
- Lindsay
- Markham
- Newmarket
- Oakville
- Richmond Hill
With future possible interest rate changes to be announced by the Bank in Canada in September, October and December of 2022, the big question remains.
Have we hit the bottom?
It appears for the time being that there are positive signals that we have in select communities.
Source: Konfidis.com from actual MLS Listings and transactions. For detached homes only, on a 30-day trailing basis. MLS Board Average sourced from TRREB Market Watch Archive average home sold price for detached homes only. MLS Board Benchmark sourced from TRREB Market Watch Archive calculated Benchmark sold price for detached homes only.