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Homebuyer’s Regret: Should there be a cooling-off period for buyers in a hot market?
Ontario is considering a cooling off period for pre-construction house buyers — an interval for sober second thought on the implications of a pre-construction house purchase, even after they’ve signed a purchase agreement.
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Storeys Insider - column by John Lusink. March, 13, 2023
Spring Thaw? Insider Provides Perspective Amid Dismal Predictions
The chatter around real estate’s spring outlook for the housing market is still very much mixed, with the possibility of a recession, persistent low inventory, and unrelenting high interest rates continuing to dampen sales activity. Some pundits predict that prices will continue their downward trend this year, while others say there will be heightened competition among buyers and renewed upward pressure on prices once interest rates stabilize.
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Is it time to buy? Will there be bargains? Five things you need to know about the Toronto spring real estate market
Call it the big short. There are signs the GTA’s spring real estate market is sparking to life. But a short supply of listings will influence every decision that buyers and sellers make this year, say realtors. Want to buy? Expect competition. Want to sell? Make sure you will be able to find your next home.
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Canadians: Don’t Rush To Buy a House
“In mid-2022, we saw a dramatic pull back in transactions, close to 23%, and in many markets, it was 40%,” recalls John Lusink, President of Right at Home Realty. In some higher-demand neighbourhoods, price drops have been more subdued and activity is still brisk. “On buyers’ side in Toronto, he continues, we still get two or three simultaneous offers, but it’s not 20 or 30 as we saw a year ago. People will no longer pay excessive amounts over the asking price.”
As we argued in a previous article, the present slump is not a catastrophe, but a welcome adjustment of prices.
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CBC Radio One 99.1FM CBLA – January 25, 2023
BOC raises interest rates to slow down inflation – buyers in holding pattern
The Bank of Canada has again raised its benchmark interest rate.... The move designed to bring down Canada's record high inflation rate. But it makes borrowing even more expensive.
“Everybody is, I think, very much in a holding pattern.” John Lusink says as interest rates climb home sales drop. “Certainly, buyers are not able to qualify. Many of them add couple of points interest where the stress test factors in and it’s eliminated a whole group of buyers.”
Hear the full broadcast via link below.
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INTRODUCING RISMEDIA’S 2023 REAL ESTATE NEWSMAKERS
INTRODUCING RISMEDIA’S 2023 REAL ESTATE NEWSMAKERS
Our 2023 Real Estate Newsmakers are a shining example of not letting market conditions dictate the future, but taking control of your own story instead. Congratulations to our 2023 Hall of Fame and to all of our Newsmaker honorees. We are grateful for your leadership and inspired by the example you set.