Toronto Housing Market May Cool Down

May 17, 2016 in Real Estate Blog

Despite there being a 10.3% increase in Toronto home sales since April of last year, CREA president Cliff Iverson suggests that the red hot Toronto market may actually cool down. There are two supposed reasons for this:

1) Homeowners holding onto their properties  rather than listing them and entering the extremely competitive buyer’s market, causing a supply squeeze.

2) New federal rule that saw an increase in down payment rates for homes between $500,000 and $1M.

This is the first article in some time that has mentioned a possibility of Toronto’s housing market simmering down. In fact,  just a few days ago, former RBC CEO Gord Nixon said Toronto real estate will continue to do very well. Let’s see what becomes of these hypotheses – only time will tell.

Read the article here: https://www.thestar.com/business/2016/05/16/toronto-housing-market-shows-signs-of-cooling-report.html

 

 

 

 

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