The real estate market all over Canada has been hot recently, with the number of new home listings spiking in March. The tides seem to be turning, however. Real estate experts are suggesting this slow down is in part because of the recent policy announcement by the Ontario provincial government.
April saw spikes in the number of new home listings all throughout the Greater Golden Horseshoe Area. Economists believe that this could have been a result of the new government regulations which, while announced in the end of April, was a topic of discussion for most of the month.
Will the market slow down?
Experts are suggesting that yes, they will. After April 20, when the announcement was first made, the number of home sales within the Greater Golden Horseshoe Area were down when compared to March's sales. This indicates a slow cooling of the market.
The cooling of the market has also been helped by federal government introduced reforms to mortgage rules which makes it more difficult to qualify for a mortgage. These reforms were introduced in October, although they came fully into effect in April.
What does this mean for Niagara?
While there has been speculation by experts, that remains all it is: speculation. It is currently too soon to tell what the market reaction to these changes will be. You might be asking yourself whether now is the time to sell your home in Niagara.
Of course! The Niagara selling market is still in your corner right now, and you can still benefit from selling your home. Niagara continues to be a region of growth, and with prices still very high in the GTA, buyers from the area are still looking at the Niagara real estate market.
Connect with Team Davids
If you have concerns, contact us at Team Davids and we can discuss how we will help you sell your home. You can also download our Home Seller's Guide, which is the perfect resource to answer questions about pricing, timing, and the home selling process.