Mortgage rates are historically average today, but too high prices and insufficient household income levels remain a problem. Welcome to a buyer’s market without buyers.

Condo sales in the GTA are down, according to the latest data from the Toronto Regional Real Estate Board, but the number of condos on the market is up. With fewer people buying property for the first time, what does it all mean for rental prices? Here is a direct video link.

Similar dynamics are evident in many places today. Nick Gerli connects the housing dots to the larger economic trends unfolding.

Home Depot just reported one of their biggest sales misses in years, with same-store sales dropping -3.6% YoY in Q2 2024. This is one of the biggest sales drops since the 2008-09 housing crash, and suggests that the US Economy and Housing Market is on fragile footing. Here is a direct video link.