Negative sentiment prevailed during the third quarter as residential broker sentiment deteriorated. The residential Current Confidence Index fell to a record low, declining from -1.1 to -30.9. The prior low was -26.1 in the early stages of the pandemic (Q1 2020). Residential broker outlook for the next six months (EXI) also declined, falling to -11, also a record low.
Commercial broker sentiment improved only slightly. The commercial Current Confidence Index (CCI) rose from -65.7 to -62.9. The six-month outlook ticked up from -45.3 to -44.4. Both indicators moved only marginally above the record lows seen during the height of the pandemic in 2020.
Commercial and residential brokers highlighted rising borrowing costs as their top concern. Additionally, both groups voiced frustration with policymakers on issues ranging from a lack of guidance on housing policy to potential changes to broker commissions.