Before the days of bidding wars and bully offers, the real estate market used to be cyclical and fairly predictable.
Things changed again last year as interest rates slowly began to creep up, leaving realtors across Ontario trying to advise their clients as best they could in a constantly shifting landscape. Ottawa realtor Nick Kyte explained that traditionally, the summer market has been slower as people have been away.
He noted that some clients were still looking in Toronto this summer, but were unable to find properties to meet their needs.With the real estate market appearing to approach a more traditional market, many of the realtors Global News spoke with believe there will be a bit of a bump in sales during the fall months as people return from summer vacation.
Hogue shared Johal’s cautious view of what will happen with real estate in Ontario when the fall approaches as he says the seasonally adjusted numbers for the summer were well worse than sales in the spring.