At Robert Floris’ Mortgage Architects office in Hamilton, we try to write information we would want to know if our roles were reversed. We tried to warn all our clients that the Hamilton red hot housing market could not continue forever. Not
hing ever does.
May brought a little relief as more sellers have entered the market and created a better balance in terms of housing supply. What does this mean? The days of 20 offers should be over. Here are some of the benefits for the HAMILTON and TORONTO market:
Less frenzied offer presentations
Prices will level off
A better experience for the home buyer in terms of choice and decision making
Hopefully better opportunities and affordability for everyone
Other recent given for the change in mood for May home action is 15% foreign buyers tax issued by the Ontario government and the collapse of Home Capital in Hamilton, the average price has come down 4.7% but is still up 12.6% for the year.
With Canadian mortgage rates still incredibly low and the housing market normalizing, more Canadians will benefit in the long run.