RE:RE:RE:ANYONE KNOWResidential is facing a stalemate position. No one can afford to move and few can afford to buy. Homes that do sell quickly are in desireable areas. Condos are comatose and selling below bid.
Canada needs another rate chop, the last one did not bring about enough confidence among buyers. Our dollar will suffer but our economy will suffer more if the BoC doesn't execute on another cut. Either way, I don't expect for any revival this year, but it's more about contagion. If buyers retreat for too long, it will be harder for them to come back.
btw, fast fact for the GTA... there are now a record number of residential properties for sale but sales are down. Yet the media says we need to build more homes. Not true. The real problem is affordability. While rates are not historically high, they are high enough to cripple buyers given the cost to enter the market.
BlueJay2020 wrote: That's only the selling part of the story. On the buying side, real estate just isn't sexy enough - unless it's a house.