Market Snapshot – September 2022

September seemed to have been a little slower in action reporting only 151 sales compared to August which was 184. However, these numbers also reflect the respective month’s new listings which in August saw 275 and then in September a drop to 222. With the decrease in new inventory and the demand still strong the average sale price continues to remain flat, with a 1% drop for Single Family Detached and an 11% increase for condos. Overall, for all home sales in Cambridge the average sale price is shaping up to flatten out which is a good thing.

Consistent with the month over month trend that we have been seeing this year, the price for Residential Freehold Detached homes in Cambridge remains fairly constant. However, we did see a slight increase in sale price for condominiums, jumping 11% since last month, and the question of affordability has become a hot topic.

All this to say, our markets are beginning to show some signs of stability which is much anticipated for both Buyers and Sellers alike. The surging interest rates have driven mortgage payments up, and those in the market to buy subsequently have less purchasing power and Sellers are recognizing this hesitation in Buyers. However, if the trend continues and home prices decline and/or stabilize, we will begin to see some relief for Buyers.

The sharp housing market correction that began this spring is rolling back some of the spectacular price gains made during the pandemic.

Robert Hogue, Assistant Chief Economist, RBC

As we eagerly await the next Bank of Canada announcement coming up this month, we will see and anticipate the impact that decision may have on the markets.

If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation.  All you have to do, is reach out by filling out the form and we can chat more over coffee.