Cambridge Market Update for October 2022

Below you will find a Cambridge Market Update for October 2022, which will provide information on the local real estate market and recent sales activity in your area. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!

Cambridge Market Update for October 2022

The real estate market in Cambridge this October proved to be the continuation of a story that first began unfolding a few months ago. The average housing price fell by another 6% in October to just over $693,000.

The more shocking number is that year-over-year, Cambridge is down 15%. This big year-over-year decline does make sense, though, because if you look back to October of 2021, that same figure jumped up 8% and was the beginning of the extreme month-over-month increases we were seeing early this year.

The number of home sales was extremely low in October at 131 sales for the month; in fact, this marked the fewest sales to transpire in the month of October in over a decade. Going forward, We will likely see a modest decrease in both prices and sales activity in November and December, which is very normal for this time of year.

The high-interest rates have taken their toll on the market, but I think prices will level off at the beginning of 2023 with the possibility of modest increases. In October, the Bank of Canada raised interest rates for the sixth time this year. The next announcement is scheduled for December 7th, and there is speculation that the rate will go up another 25 to 50 basis points.

So what is the best approach going forward? Well, provided you have secure employment, it could be a great opportunity for first-time buyers, investors and anyone who is upsizing to secure a property at a reasonable price.

Check out Trish Lewis’s article in Cambridge Today!