New listings In the province of Quebec year to date the number of new listings reached 45,483 which is down 10% from last years total of 50,482. In April, new listings is down 14%.
Here is the interesting part. As interest rates rise, people may be more reluctant to list their home especially if they're on a fixed mortgage that was locked at a lower than prevailing rates. On the flip side, the pandemic certainly caused people to delay listing their homes which may reverse as we return back to normal.
The housing prices in Toronto has already dropped by about 12% from the peak in February this year. The national home price index is down 6% month over month. I expect this to continue throughout the year with home prices declining another 10-20% between this year and next year.
It will be interesting to see how urbanimmersive handles the current environment.