Ontario Resale Market Summary

In a recent post we mentioned information from an economist at CMHC ... here are a few more observations made in his presentation:

• Slower job market, rising prices and weaker consumer sentiment will cool demand in the resale market
• The level of existing (already constructed) home sales will decrease but remain high by historical standards
• Most markets in Ontario are currently classified as "balanced" rather than a "buyer's market" or a "seller's market"
• High supply pressures are currently out-pacing demand (there are more houses available than normal demand for product)
  
• As a result, the rate of house price increase will slow
• The drops in the Vancouver, Calgary, Edmonton and Toronto markets have brought down the rest of the country on average even though 7 of 10 provinces experienced increases in the same period
• 30% of mortgages arranged in Canada are done through mortgage brokers
  

Here is one final observation of our own ... there is concern in the mortgage and housing market in Canada however consider that there is a 40% chance a marriage will end in divorce but people still do it ... so don't be afraid to own a house or get a mortgage!

For more information on mortgage financing, please seek the experience of a mortgage professional.