The most common question we receive as Realtors as of late is the obvious one, when will this market slow down? Although evidence is only anecdotal at this point, personal experience along with testimonies of other realtors across the region and province suggest that the market is softening. The liberals introduction of the “Ontario’s Fair Housing Plan” coupled with sheer buyer frustration has lead to more buyers sitting on the sidelines and watching bidding wars vs taking part. In addition inventory generally climbs in the spring/summer months creating additional breathing room for buyers. What does this mean for you? If you are looking to purchase, this could be your opportunity to avoid some of the stress and frustration that has plagued the Ontario home buyer over the course of the last 6 – 12 months (depending on your region).
This doesn’t necessarily mean we are headed for a buyers market, only that at this point in time the market appears to be less competitive than it has been. Volatility has proven itself in the Canadian real estate market before. The Vancouver market did slow when the foreign buyers tax was implemented, however the cool off was short lived and has once again taken off.
For more information on the complete 16 point Ontario Fair Housing Plan visit https://news.ontario.ca/mof/en/2017/04/ontarios-fair-housing-plan.html .
– Nick