11:34 AM Mar 13, 2023
At first glance, it may appear that things are not going so well for the housing market. This year’s slow start is reminiscent of January 2019’s market conditions: low housing inventory and difficulties getting mortgages approved slowed down home-buying activity. With the Bank of Canada forecasting headline inflation to fall to 2.6% this year – and recently announcing the holding of the policy rate at 4.5% – the possibility of a lively spring market is on the horizon.
The way I see it, the 54-page report is a roadmap for what work should be done with immediacy within the RECO. The report highlighted valid regulatory, reputational, and performance issues and concerns affecting the RECO’s mission of promoting a “fair, safe and informed real estate market for consumers in Ontario,” and all the invaluable inroads the council has implemented to ensure the protection of the public’s interest.