Confusion of home buyers and sellers in Toronto

Contradictory trends and predictions in the Toronto real estate market in recent months have left potential buyers and sellers more confused and worried than ever. Realtors are assuring the public that market activity will return to its usual fever pitch with the promise that interest rates will drop and housing prices will become cheaper later this year.

But the market trend seems to be moving in the opposite direction, with the number of houses on the market increasing sharply, fewer people are buying them, and the housing market is facing a reduction in supply.

According to a new report from real estate website Wahi, in March, homes in 43 percent of metropolitan Toronto communities sold above listing price on average. But since April, this figure has decreased to 39 percent. This is the first time this year that there has been a month-to-month downward trend.

Despite all this, prices have not yet dropped enough to bring many buyers into the market.

Politics is also to blame for this situation. In Toronto and Ontario, tax rates are very high, and things like the ban on foreigners buying property have affected the state of the housing market.

news source