Happy Monday Morning

Current Inventory 15,902 units up 5% since last week, the amount of sales was a sign of the times only 902 sales in the last 7 days down 30% since last week. Theoretically April is the highest number of sold properties in the calendar year and May, June, July, Aug keeps tapering down until September, October’s, uptick.

What to watch out for: The BOC is Meeting Wednesday June 1 2022 for further evaluation of the inflation in the market and more than likely to raise the the over night lending rate another .25 to .50 basis points.

Further affecting the buying power of buyers in the market which will keep bringing house prices down.

Trouble with closings starting to surface as appraisals coming in low on homes purchased in February with closings happening now, you’ll see a domino affect on homes that can’t close that will lead to at times 5 to 6 other properties left extending or bridging mortgages or paying penalties.

Its going to be a busy next couple of months to align all the closings