“Sales both waterfront and non-waterfront homes continued running at below-average levels in November and will likely continue to do so into early 2023 as buyers adjusted to a higher interest rate environment and sellers continue to adjust their pricing expectations,” said Chuck Murney, President of the Lakelands Association of REALTORS®. “Looking through the monthly seasonality we are actually seeing a promising upward trend since reaching bottom in July. It’s very unlikely that we’ll return to anywhere near the highs of the past two years but possible that by the midpoint of 2023 we could be approaching more normal historical levels, barring any further unforeseen developments. Supply is plentiful and the market balance is tilted slightly in favour of buyers at the moment, so we should begin seeing sidelined participants re-enter the market early next year.