Quick Update on Canada

We wondered about the future of the red hot Toronto market 4 weeks ago when discussing the longevity of a seller’s market, it appears now we are starting to see some answers. The just-released June housing report indicates a rather dramatic sharp turn for Toronto, which has now been dubbed “officially a buyer’s market”. May to June monthly decline was largest since 2010, sales volume to listing volume ratio is now at 1:2.5, and Toronto’s sales is now 42% down from the March 2017 peak. An interesting case study no doubt for how quickly a market can turn hot and then ice cold again with not much warning. Something to keep an eye on.