The HuffPost reports that the CMHC says that two of Ontario's housing markets in Hamilton and Toronto are "highly vulnerable". Conditions including overheating, price acceleration, overvaluation are at the heart of the assessment. Although the overall sales have climbed for the last two months, the CMHC expects the sales to decline over the next year. See the full article here.

According to an article on the HuffPost todays young Canadians are less likely to own a home than their parents did at the same age.

The latest census figures show that at 30 years of age, 50.2 percent of millenials own homes, down from 55 percent of their baby boomer parents. Todays young adults are more likely to live in appartments or at are still at home with their parents. And those that do own, are more likely to be in multi-unit properties than single detached homes.

Price DropThe HuffPost reports that Toronto's real estate bubble is in a sharp decline that is now causing deals to go bad. Lenders are taking a hard look at home values and in some cases, cutting the amount of loan that they are willing to give, on already agreed upon deals. For some buyers, suddenly needing an extra $150,000 to close will cause them to walk from the deal. 

To read the whole article, please visit: Sliding Prices Wreak Havoc In Toronto's Housing Market

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

Carol A. Stinson, Brokerage

If you are currently parked with a brokerage that is closing and are now looking for a new brokerage to park with, we can help! We are keeping options for Ontario Real Estate Agents open.

Moving to Karma Realty is very easy and in most cases, can be completed within a day.

Contact Us Now!

 

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As the Toronto market heated up, the number of Real Estate Agents working in the market increased. The ranks of Real Estate Agents in Canada's largest city have increased by 77% since 2008. But as it slows, the number of Real Estate Agents will decrease.