The GTA was “showered” with listings in April after announcements from the Ontario government re: cooling overheated housing markets, such as, the introduction of the 15 percent foreign’s buyers tax. In the month following those announcements, freehold housing sales fell 26% from the previous year.
While sellers could have been putting their houses up for sale to try to cash out on the peaking market, buyers seemed less willing this past month, to offer any amount of money to get those houses. This created a large change in housing sales compared the number of listings we were, and still are, seeing come out.
This clash is clearly outlined in the article below, but it can be argued it’s still too early to tell what is to blame for this change… Could it have been the government announcements/intervention? Are buyers hoping prices will drop and therefore waiting? What do you think? Comment below.
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LinkedIn: Darlene Hanley