The tightening of mortgage criteria, the rise in mortgage rates and the introduction of HST increasing the cost of living, are probably the factors that are directly affecting Real Estate Market Sales.
Sales in Toronto dropped 29 per cent in the first two weeks of August compared with the same time last year, according to the Toronto Real Estate Board. The average price edged down 3.5 per cent from the average tally in mid-July. With prices slowly dropping, buying and selling tactics from the recent boom now seem as disposable as flip-flops. What worked for the last few months will not work in upcoming months. As the market shifts, we should understand, adapt, and capitalize. When homeowners won’t reduce their price, their properties might not move. By contrast, people who adapt to changes in the market have had more success.
