As of now, the market is steep 'caz of supply. buyers are getting panicky after getting into offer presentations and loosing out. I have witnessed an old townhouse selling for more than 700k while you can get brand new for less.

Situation is deplorable and there is nobody to blame but the city for planning the reduction of single family homes and giving rise to concentrated living in condos and " Urban towns". there is no cap on builders for charging avg. $700 / sq ft for a condo and then change in the name of maintenance. but if you want a bush and a garden you have to act now before the listings are gone to a new high. long gone the days when price changes were a yearly event, if you watch the market prices are going up daily !

Market is indeed seller based due to many factors. There just aren't enough new homes being built to accommodate first time buyers or current owners looking to move into a newer home.

The latest BILD report highlighted how there were over 12,000 NEW detached builder homes to choose from a decade ago (2007) vs only 534 in 2016. Builders continue to point the finger at ever increasing development costs, bureaucratic red tap, and spiraling labour costs.

While the supply is ever-shrinking, the demand in ever-increasing due to regular increase in population, existing migrants, new 1st generation of Canadians, and new migrants. Many new migrants seem to be better of financially when arriving here or/and get well paying jobs here. This is enabling them to purchase a home a lot quicker than past migrants, therefore increasing the home buyer base.

All this is further exacerbated by real estate investors (flips, short/long term rentals, or new development) who seem to have been more active in the past decade than ever before.

While Ontario government has hinted at possible tax similar to B.C., that really hasn't helped B.C either. While the overall home sale have dropped in B.C., there is still a huge shortage of homes with prices still rocketing upwards.

Perhaps a combination of new tax, higher interest rates, and tougher mortgage approval rules would work but then would the government really want to disrupt the economy where housing is creating tons of jobs and plenty of tax for the government.

With the market being so difficult to predict, the perfect time to get into a house is NOW, whenever that may be.

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Originally posted by Agent Raj

Market is indeed seller based due to many factors. There just aren't enough new homes being built to accommodate first time buyers or current owners looking to move into a newer home.

The latest BILD report highlighted how there were over 12,000 NEW detached builder homes to choose from a decade ago (2007) vs only 534 in 2016. Builders continue to point the finger at ever increasing development costs, bureaucratic red tap, and spiraling labour costs.

While the supply is ever-shrinking, the demand in ever-increasing due to regular increase in population, existing migrants, new 1st generation of Canadians, and new migrants. Many new migrants seem to be better of financially when arriving here or/and get well paying jobs here. This is enabling them to purchase a home a lot quicker than past migrants, therefore increasing the home buyer base.

All this is further exacerbated by real estate investors (flips, short/long term rentals, or new development) who seem to have been more active in the past decade than ever before.

While Ontario government has hinted at possible tax similar to B.C., that really hasn't helped B.C either. While the overall home sale have dropped in B.C., there is still a huge shortage of homes with prices still rocketing upwards.

Perhaps a combination of new tax, higher interest rates, and tougher mortgage approval rules would work but then would the government really want to disrupt the economy where housing is creating tons of jobs and plenty of tax for the government.

With the market being so difficult to predict, the perfect time to get into a house is NOW, whenever that may be.

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