Housing market’s signs of life give buyers pause for thought ahead of BoC policy meeting

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Real Estate News

Toronto Real Estate,Ontario Real Estate,Noastack

Most buyers remain in wait-and-see mode, but small cohort is moving to take advantage of swelling stocks and few rival bidders, says real estate agent Pritesh Parekh

The long-delayed spring real estate market in Toronto saw sparks of life in late May as some buyers attempted to get in ahead of a potential summer revival.

“I saw that as a huge opportunity,” says Mr. Parekh, who adds that sellers often relist at a higher price in line with what they were hoping to achieve in a bidding war. Elli Davis, real estate agent with Sotheby’s International Realty Canada, works with many downsizers who are selling or considering selling larger homes. With a higher level of inventory, she says, buyers are feeling less urgency.“The owners have to face reality that the prices might not be what they thought they were,” says Ms. Davis. Usually price is the answer.”, is closely watching the balance between supply and demand.

That hasn’t happened so far, Mr. Lusink points out, with prices remaining fairly steady compared with this time last year in most segments. The population is growing, he adds, as international students and new immigrants continue to arrive. New government policies aimed at restricting some immigration won’t lead to a notable decline in growth until 2026 or 2027, according to his projections.

 

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