In a reversal of a normal spring market, the number of sellers putting their properties on the Toronto-area market has been shrinking
The spring real estate market in the Toronto area is bringing out the tenacity in buyers as they grapple with high borrowing costs, vanishing sellers and an undercurrent of uncertainty about the rest of the year.
In a reversal of a normal spring market, the number of sellers launching their properties onto the market has been shrinking until now instead of expanding. Despite early signs the Toronto market is stabilizing, Mr. King adds, the level of sales remains well below the historical average – and will likely remain there for a while.
Ms. Morrison says that the March break for Ontario schools is one reason sellers were discouraged from listing last month. Private schools have a two-week break, she notes, and many families tend to leave town.Ms. Morrison held off listing a bungalow near Victoria Park Avenue and Lawrence Avenue East until after the long weekend because it’s in a neighbourhood that appeals to families, she says.
One key risk to his outlook, Mr. Sondhi warns, is the possibility that the federal banking regulator will add more rigour to the rules surrounding mortgage lending.
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