With the most recent 50 bps hike, any hope that what we have been looking at the past nine months was but a blip should be extinguished.
Well, that ship has sailed.When looking at the chart of how property values have fared since the market peak of last winter, it’s wild to see so much of what the pandemic had fueled being undone in real time.
Some of the areas that blew up, suddenly popular with stir-crazy Torontonians flush with cash and used to Toronto prices and a penchant for bidding wars, almost defied logic.Suddenly we saw eye-popping prices that were completely unsustainable, throwing off the rhythms of markets that were now untethered from economic forces and historical guideposts. People born and bred in those towns and cities could no longer afford them; they had been priced out.
Out of the city, in areas popular with buyers who were banking on work-from-home enabling an idealized new lifestyle, the impacts have been more acute. So when the market stats show 40% declines in average sale prices in areas outside of the city, you’re seeing the impacts of that bubble bursting. The demand was never real.
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