Starting this month, it's going to be harder to buy a house. The new federal banking regulations will require a “stress test” for borrowers of conventional mortgages to ensure that they can afford higher rates. This means that home buyers have lost significant purchasing power. The Bank of Canada estimates that this will disqualify one in ten mortgage seekers. This in turn is predicted to lead to a 10 to 20 percent decline in house prices. When you combine this with the rise in interest rates, this should keep Canada’s housing markets relatively quiet through the first half of 2018.

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House prices have been falling for the last three months suggesting that Canada's hot housing market has cooled. Toronto (−1.4%), Hamilton (−1.6%), Ottawa-Gatineau (−0.8%) led that way, with a .5% drop overall. Toronto's overall drop was 7.1%. 

The Teranet-National Bank house price index fell by 0.5 per cent in November, which is the largest drop for the month of November recorded outside of a recession said National Bank economist Marc Pinsonneault.

If the market slowdown is causing you to consider your options, contact us to see how we can help.  

Toronto's real estate board is laying the blame at the government's door for a "volatile" year that saw sales drop more than 18 per cent and prices for detached homes dropped.

Record sales in the first quarter were followed by a decline after the Ontario Fair Housing Pland was announced. The new federal governement lending guideline will also continue to effect the market well into 2018.

"Much of the sales volatility in 2017 was brought about by government policy decisions," said Toronto Real Estate Board (TREB) president Tim Syrianos in a statement.

If the market drop is causing you to consider your options, contact us to see how we can help.

In response to the Federal Court of Appeal upholding the Competition Tribunal's TREB ruling, several website have now moved to include sold data into their websites. MongoHouse, HouseSigma, and Sold.Watch have all started showing TREB sold data. 

Competition Tribunal had ruled the Toronto Real Estate Board prevented competition, stifled digital innovation by prohibiting its realtor members from posting sales data online.

If you are feeling the pinch of the changing market landscape, contact us to see how we can help.