The 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.
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.
According to the HuffPost, home sales are falling across Ontario, particullary west of Ottawa. The new mortgage rules and the new foreign speculator's tax appear to be to blame. Real Estate boards are reporting sales are down in most of the major Ontario cities. Toronto's July sales were down a wopping 40 percent!
Can you handle a slowdown? Is it time to explore your options? If so, contact us to see how we can help.
Read the full article: Home Sales Falling ‘In Most Large Cities West Of Ottawa’
The average price of Canadian homes inched down in July by .3%. This is the first dop in price since 2013. Not a huge drop but another sign that the housing market is slowing. CREA also reported that sales where down 12% for the same period.
Are you starting to feel the pinch? If so, contact us to see how we can help.
Read the full CBC article here: Average price of Canadian home sold in July inched down 0.3% to $478,696 in past year
The CBC reports that the number of realtors in Canada surged by 77 percent since 2008 and now with the looming slow down in the housing market, many will need to consider their options. Finding buyers and sellers in a good market is difficult, but it's even harder to close deals in a poor one. As independent contractors, realtors are faced with all kinds of financial challanges, including no steady income, high brokerage and association fees, advertising costs and more.
If the slowing Canadian Real Estate market is causing you to consider your options, one option is to park your license with Karma Realty until the market recovers. You can still earn referral fees and keep your license active, without many of the costs associated with other options. Contact us to see how we can help.
Read the full CBC article: "Canadian realtors brace for the end of the boom as housing market tightens".