This cooling off has been predicted for months and actually impacts a very small portion of the population (aside from people looking to purchase and “flip” within a few months). So before we all run screaming to the Northen Ontario market; Everyone say this along with me:
“WE ARE STILL IN A SELLERS MARKET”
As Jason Mercer of TREB stated, “When you’re looking at still less than two months of inventory and average price growth at just shy of 15 percent, that tells me there’s still enough competition out there between buyers to be driving pretty substantial price growth,”.
So sellers, stop clutching your pearls and crying over the number you MAY have theoretically thought you MIGHT have gotten IF you had sold in March. For buyers, strategy and negotiation skills are what you should be looking for in an agent. The market cooling off does not mean competition is not out there or that a massive discount is waiting somewhere out there.
Still feel like the sky is falling? Take a look at the numbers from May 2016 to May 2017 in our infographic and you can see that houses are still selling for more money and for fewer days on market. Still feel a ball of disgust or terror? Let’s hook up for a call!
CLICK ON IMAGES FOR A BETTER VIEW!
