There's a change in the air entirely in some ranges and crosswinds coming in other areas.
The end of 09 and first few months of 2010 was a true Sellers market. Not much supply, emergency rates, pent up demand. That's the Sellers dream.
This week credit got a little harder to come by with the new mtg rules, HST coming to play, rates on fixed mortgages have increased .65 plus basis pnts, variable rates will go up as early as June 1st and supply has hit the market in most neighborhoods.
The result..inconclusive really. First time buyers are feeling the pinch the most with the recent developments.
Though, buyers of all ranges are getting a chance to feast their eyes on more and exciting listings. Some buyers are also comfortable applying a "wait and see" what's still to come attitude. So we are in some cases seeing days on market creep up and some offer dates passing with no bids.
With the canadian economy chugging along and rates still low, there is demand. Homes priced well and that show well will see offers quickly. But, I have seen some cases in area like yonge and lawrence where the seller 2 months ago in a very direct comp did much better then the guy out last week.
As always, if you have any questions about the changing landscape; want to discuss the market or know of someone who may be in the market for my services---please contact me at your convenience.
Finally, if you haven't visited my website, please do and forward to family and friends where fit.
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