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The story of the market right now, summed up in a few words, is “wait and see.” That is what most buyers are doing. There is a lot of change happening and that is when most people hold on until there is some certainty. One big factor that should help shape some future direction is the federal election. Regardless of who is elected, having a Prime Minister in office with a mandate from voters will help immensely. This will also help us greatly with our other large uncertainty, tariffs. We need a government in place to negotiate trade policy. This will help calm down concerns about our economic situation.

Given all of this uncertainty, sales volumes in the market are obviously down. The big thing to remember is that, on average, home prices and lending prices have reduced in the past year. That means that monthly payments are coming down and houses are becoming more affordable.

In the past 20 years, there has seldom been a time that was better for a move than right now. There are lots of listings on the market, with many Sellers looking to negotiate. Once we have more certainty, Buyers will return. Those who can make decisions to move slightly sooner will benefit greatly, easily $50K – $100K of benefit in many GTA markets.

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