Jagmeet Singh’s decision to end the NDP’s agreement with the Liberals brings uncertainty about a fall election just as buyers and sellers were starting to feel more confident about the market
A house for sale in Toronto on Dec. 13, 2021. The Bank of Canada’s recent decision to lower its key interest rate to 4.25 per cent from 4.5 per cent is likely to bolster the market, says Rochelle DeClute, broker at Union Realty.Just as some of the headwinds facing the Toronto-area real estate market were losing strength, the outlook became slightly more tempestuous.The end to the supply-and-confidence agreement does not mean an election is looming, but the possibility is there.
The Beaches neighbourhood, where Union Realty does much of its business, reflects many of the trends seen across the Toronto area with swelling inventory, sluggish summer sales and a moribund condominium segment.“We’ve seen some good movement in luxury properties,” says Ms. DeClute. “That wasn’t happening in the previous couple of years.”
In many parts of Toronto, flat or higher prices reflect the mix of properties selling: Many sales are the result of move-up buyers and downsizers swapping higher-priced detached houses, which buoy the numbers. Meanwhile, plenty of buyers without such deep pockets have been cautiously waiting on the sidelines, and the smallest condos are rarely changing hands in the current environment.
She points to one property that recently drew four bids on offer night, but all four were unacceptable to the homeowners. During the market’s high-octane run, first-time buyers just wanted in, Ms. DeClute says. In today’s landscape, buyers don’t want to talk themselves into a house – especially in frenzied competition.If a property has some shortfalls, buyers are unlikely to jump on it.
One reason for the change is that relocating to a rental property for the six months to a year that a project takes adds significantly to the expense and upheaval. Mr. Sondhi believes condo sales will increase through the next year as falling bond yields drive mortgage rates lower and unlock what is likely a considerable pool of demand.
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