What is happening in the Real Estate Market? Foreclosures, buyers are careful, home prices dropping O My!

It's October 31st, 2023. This ninja is ready to take his little ninjas trick or treating, but something is on his mind. After a nearly full year of 2023, the real estate market in Canada has a rather bleak outcome at the moment. For the first time in years, it is impossible to tell if the home prices will actually increase again anytime soon. Foreclosures are up 400%. Some Homeowners cannot even sell their homes anymore as inventory is shooting up. Consumer purchases are way down, and high interest rates keeping them down. People are very concerned if they can still keep their homes in the future when they have to renew their mortgages. And for the first time in seemingly forever, owning rental properties is not as cool as it used to be. Here is everything I have seen out there in the last month and why the real estate market is where it is right now. Filip Hajduk dukerealtyhomes.com info@dukerealtyhomes.com Re/max Real estate Centre 647 460 0911