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

Connect With Mitch:

Website: https://www.mitchcleary.com/
Email: mitchcleary@century21.ca
Facebook: https://facebook.com/mitchcleary.realestate/
Instagram: https://instagram.com/mitchcleary.realestate/
Twitter: https://twitter.com/MitchClearyPTBO
Podcast: “The PTBO Housing Show” on all major platforms

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Connect with me with the links below:
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Or email me at mitch.cleary@century21.ca