Message from Frances Zuccarini…

Despite cooling, housing market still favours sellers While the new Ontario Fair Housing Plan, which includes a foreign homebuyer’s tax and universal rent control, has contributed to a slowing down of the province’s red-hot housing market, most real estate observers predict that the cooling won’t last for long. Despite the surge in listings in recent months, overall inventory still remains at reasonable levels in historical terms. In addition, purchase intention research still looks very strong. Therefore, the market is still very likely to favour sellers going forward. The recent 0.25 percent interest rate hike doesn’t look like it will deter buyers either. In fact, the hike is a positive economic signal from the Bank of Canada that consumer confidence and employment security has strengthened.