Condos for sale scarborough . Is it a good time to enter the market?
Condos for sale scarborough . Is it a good time to enter the market? In recent years, there has been a serious shortage of housing supply in Greater Toronto, where the number of orders suddenly increased sharply in April.
Li Yuchang, a real estate agent, believes that the impact of the measures on the property market will only be a short-term effect of three to five months, and then it will return to the uptrend, similar to the situation that is now starting to rebound in the Greater Vancouver area, claiming that now is a good time for buyers to enter the market, especially those who failed to grab offer in the first quarter of this year.
He claimed that the general trend of supply and demand in the real estate market in the Greater Toronto area is not easy to change. Hot moves or monetary tightening will not dampen people’s desire to buy property, but it has just gone up too much a while ago, and now many factors have calmed the market, but it is definitely not a crash, so the opportunity is rare.
He claimed that the emergence of sales in the Greater Toronto area in April was caused by a number of factors: first, the federal government tightened home loans and required stress tests at the end of last year, and limited the amount of mortgages to 1 million yuan; the second is to enter the spring market, many property owners see high property prices, so they try to release, the provincial government’s hot measures to cool real estate also have a certain impact. He claimed that, coupled with the news from the second-tier bank Home Capital, consumer confidence problems were created.
Before the introduction of the new policy by the provincial government, there was a lot of wind in the market, causing some owners to sell their houses ahead of schedule. He said that many property owners saw that house prices rose by 30% in the first three months of this year, which has exceeded the original expectation. if they buy a smaller property after selling a big house, they can have hundreds of thousands of yuan in cash, or they can sell one to buy two, one for self-occupation and one for investment to help the next generation go public. These factors have led to an increase in the volume of the offer.
He said that due to the increase in selling, buyers took a wait-and-see attitude, and it was also waiting for the seriousness of the market’s response to the provincial government’s hot moves. There is no doubt that the transaction volume has slowed down recently, but the property prices in many lots are still quite stable, with only a slight slowdown in the rate of increase at the high level in March.