'We’re In A Holding Pattern:' An Expert’s Take On Ontario’s Struggling Market

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A surprisingly strong housing market and record immigration have delayed the predicted slowdown, but they haven't prevented it. RealServus President John Lusink talks about what the Ontario real estate market holds for buyers, sellers, and agents.

says it has been delayed: record immigration and a resilient real estate market have kept things ticking along. But the downturn is still on its way.

– will ultimately depend on how effectively the government can address challenges through planning, integration programs and collaboration.Some are in wait-and-see mode, and buyers who were qualified earlier this year have been taken out of the running with the last couple of rate hikes. There’s also less availability from the bank of mom and dad. Fewer parents are able to help their kids buy these days. With portfolios cut in half, they're hanging on to their funds. Plus, this demographic isn't moving – not even downsizing – because right now it's cheaper just to stay put. Everyone's in a holding pattern.competition for rentals. It's very difficult to find places for clients, especially in highly desirable neighbourhoods.

Buyers who can afford higher monthly payments, or those who don't need to get a mortgage, can find nice properties, but again, patience is key.

 

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