Vaughn Palmer: B.C. NDP signals continued support for homeowner’s grant

Vaughn Palmer
The Vancouver Sun

Opinion: House-value threshold for homeowners’ grant matches increase in B.C. home values as NDP stick by promise to not tinker with 65-year-old tax break

B.C. Finance Minister Selina Robinson announced last week that homeowner’s grant would apply to principal residences with assessed values of up to $1.975 million. Photo by Selina Robinson Minister of Fina /PNG

VICTORIA — Finance Minister Selina Robinson started the year by increasing the eligibility threshold for B.C.’s homeowner grant by 22 per cent, ensuring the decades-old break on property taxes will continue to apply to nine out of 10 homeowners whether they need it or not.

Last week’s announcement means the basic grant of $570 will apply to principal residences with assessed values of up to $1.975 million, up from last year’s threshold of $1.625 million.

The increase, reflecting this year’s average 22 per cent increase in property assessments, was necessary to keep pace with the NDP government commitment that 92 per cent of all residential properties qualify for the grant.

The $350,000 increase in the threshold was the second largest in dollar terms for the homeowner grant (HOG), exceeded only by the $400,000 boost in the last year under the B.C. Liberals.

The latest surge, derived from the year-over-year increase in assessed values for residential properties as of last July 1, showed that the New Democrats have made limited progress on their election promises to improve housing affordability in B.C.

Still, there is no reason to expect the NDP to respond favourably to calls for the government to reform or abolish the HOG — or “hog” as critics prefer — and use the savings to fund other, more needy causes on the housing front.

The near universal aspect of the grant has drawn increased criticism in recent years, including from two former NDP ministers of finance.

Four years ago, former NDP finance minister Paul Ramsey was part of a government-appointed tax panel that branded the grant as “inconsistent with principles of progressivity, administrative efficiency and fairness.”

The panel recommended it be abolished in favour of tax credits for homeowners and renters, means tested on income and phased out completely for the highest earners.

The New Democrats declined to incorporate the recommendation in their 30-point plan to improve housing affordability.

Then last summer a federal-provincial commission chaired by another former NDP finance minister, Joy MacPhail, condemned the grant and recommended the savings be used to fund social housing.

“The report is not intended to actively discourage home ownership,” the panel insisted. “Rather the focus of the recommendations is to achieve more equitable treatment of renters relative to homeowners.”

But within an hour of the release of the MacPhail report, Robinson rejected the call.

“I can absolutely assure the member that we are not interested in making any changes in the homeowner grant,” she assured Opposition MLA Mike Bernier in answer to a question posed in the legislature.

 

She could hardly do otherwise, having earlier in the year assured the legislature repeatedly that the New Democrats had no designs on the grant.

It happened during debate on legislation that saw the Finance Ministry take control of the grant application process from municipalities.

The shift was undertaken to reduce costs to local government and add “rigour to grant administration to help fight tax evasion, reduce fraud and ensure people are paying the right amount of tax,” according to Robinson.

The province also required grant applicants to provide, for the first time, their social insurance numbers — SINs in taxpayer parlance.

The Opposition, ever suspicious, wondered if the move were a prelude to the government clawing back the grant in whole or in part or using the tax numbers for means testing.

Far from it, insisted Robinson.

“The social insurance number is a common identifier for many tax programs,” explained Robinson. “This is not an unusual component of making sure of eligibility for programs and using it to identify which citizens or permanent residents are making applications.”

The grant itself “is part of affordability,” so far as the New Democrats are concerned.

“I can confirm that there is no intent to change the homeowner grant,” said Robinson, repeating the line several times.

She went on to pay tribute to the historic nature of the grant, a mainstay of tax relief for homeowners since it was created by premier W.A.C. Bennett in 1957.

“What’s before us is a grant that has existed for decades,” Robinson acknowledged. “Again, this legislation before us is not about changing the grant. It’s just about where it’s going to be administered.”

The New Democrats have other grounds for hesitating, recognizing that assessed values do not necessarily equate to either wealth or affordability for some homeowners

Some of those $2 million grant-eligible principal residences are owned by younger people struggling to pay huge mortgages and seniors on fixed incomes protecting their equity so they can pass it on to their children and grandchildren.

While increasing the eligibility threshold, Robinson has left the grant structure unchanged.

The basic grant is $570 for residents of the Metro Vancouver, Fraser Valley and Capital Region Districts.

The entitlement increases to $770 in other parts of the province. Seniors and persons with disabilities are eligible for a $275 top up to the grant, wherever they live.

Means testing, regional thresholds and other suggested reforms would mean tinkering with a near-universal tax break that has been baked into the expectations of homeowners for 65 years and counting.

No wonder the finance minister, speaking for the NDP government, declared the grant off limits with a kind-of “read my lips” declaration on the floor of the legislature.

Not likely could Robinson repudiate those words without undermining her credibility on other finance, budget and taxation matters.

[email protected]

© 2022 Vancouver Sun

This study shows where everyone moved to when they left the big cities last year

Shari Kulha
other

While B.C. ranked second for in-migration, far fewer moved to its more expensive cities

 DIY movers inadvertently help track population movements when they rent one-way U-Haul trucks. Photo by U-Haul

When the pandemic begin in 2020, larger cities across Canada saw an exodus of people to small towns and rural areas. One company keeping track of such movement is U-Haul, the truck rental company for DIY movers.

Its annual Growth Index study examines moving patterns, calculating the net gain of one-way U-Haul trucks arriving in a city or province, versus departing from that city or province, in a calendar year. U.S. movements into Canada were calculated as well, but because of pandemic restrictions, the numbers were likely negligible.

“While U-Haul migration trends do not correlate directly to population or economic growth,” the company says, “the U-Haul Growth Index is an effective gauge of how well cities are both attracting and maintaining residents.”

People moving last year eschewed British Columbia for Alberta. B.C. fell from the No. 1 spot in 2020 to No. 2 last year, replaced at the top by Alberta.

“Alberta is one of best places to make a home,” says U-Haul’s district vice-president of Western Canada Naga Chennamsetty. “In the last year, we have seen a lot of movement into Alberta.”

Chennamsetty said in a release that “there are initiatives in Alberta that are creating more job opportunities and attracting residents.”

Of the top 25 Growth Cities nationally, three are in Alberta. Red Deer-Lacombe came in eighth, Medicine Hat-Redcliff 15th and Airdrie 24th. All three are in roughly the southern fourth of the province. Lethbridge also grew from inflow but missed the Top 25 cutoff. Airdrie saw slightly fewer people move in, dropping to 24th place from 19th.

Indicative of their recent growth spurt, neither Red Deer nor Medicine Hat were on U-Haul’s growth list for 2020 year at all.

While Calgary’s top rank in inflow helped land Alberta at the top of the provincial listings for net growth, Ontario saw a wider distribution of people. For a second year running, the  top urban growth in Canada occurred in North Bay, followed by Belleville and Greater Sudbury. Richmond Hill, at Toronto’s northern border, also saw high growth but just missed the study’s Top 25 cutoff.

The number of DIY movers settling in North Bay rose 40 per cent year-over-year, while departures rose just 27 per cent. These one-way customers accounted for 59.2 per cent of all U-Haul traffic in the city in 2021, meaning that more people were moving into the town than were simply moving within it.

U-Haul’s Eastern Canada area vice-president Jake Spelic says in the release that, while Ontarians moved in vast numbers to the Maritimes after the pandemic hit, “as time has passed and things shift closer to normal, we are starting to see that trend reverse. Ontario is still the economic centre of Canada and offers a high quality of living, thousands of job opportunities and attractive salaries.”

Toronto did not make the Top Growth Cities list for DIY movers, but many of the Ontario cities that did are in the populous southern Ontario region. Six urban areas in the Golden Horseshoe hit the chart for growth, from Chatham at No. 13 to St. Catharines at No. 25.

In B.C., Kelowna hit sixth on the Growth Cities list, Kamloops 11th and Penticton 21st. None of the three was on the previous year’s list. Apparently reflective of the more expensive real estate, people bypassed the cities of North Vancouver, which slipped to 10th spot from second in 2020; Abbotsford to 22nd from 11th; while Vancouver plummeted to 23rd from seventh.

Chilliwack, just east of Abbotsford, just missed the Top 25 list.

Quebec City posted a dramatic climb to fourth place from 16th on the list. It was the only city in Quebec to make the Growth Cities ranking, though Gatineau and Sherbrooke came close to making the list.

 

© 2022 National Post

Lumber prices latest Canada soars There has been a big impact from flooding

Jen Skerritt
other

There has been a big impact from flooding

Lumber prices are soaring to levels not seen in seven months as the lingering effects of flooding in Western Canada disrupt supplies and shipments.

Lumber futures jumped 3.8% to the exchange limit of $1,219 per 1,000 board feet in Chicago Thursday, touching the highest price since June 7. Prices have been climbing since rainstorms hit British Columbia in November, damaging highways and rail lines and forcing sawmills to temporarily shutter operations. Persistent supply logjams and strong demand are fuelling the rally.

The surge adds to swelling homebuilding costs when consumers are already paying more for goods ranging from food to fuel. Soaring lumber prices in the past four months have boosted the price of an average new single-family home by more than $18,600, according to the National Association of Home Builders.

Lumber is the most common building material for North American homes and as much as 15% of the wood used in the US comes from B.C., according to ERA Forest Products Research.

“If we see lumber prices above $1,000 for a prolonged period then it could negatively impact repair and renovation demand,” ERA analyst John Cooney said in an email. “When a deck project is now three times the price quoted last year, buyers will typically defer.”

Wood prices have been volatile since the pandemic began. They touched record highs in May after Covid-19 lockdowns spurred a building boom, then collapsed as sawmills ramped up production and high prices stifled demand. Even with the swings, lumber has been among the top performing commodities in the past year.

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Wallet-pinching wood: Surging lumber costs pushing new home prices higher

Ryan Garner
Livabl

Supply issues resulting from British Columbia’s record rainfall and increased demand are pushing lumber prices higher, reducing housing affordability heading into the new year.

According to Random Lengths, lumber prices have nearly tripled since August, surging to more than $1,000USD per thousand board feet. As a result, the National Association of Home Builders (NAHB) estimates the average price of a new single-family home has increased by more than $18,600USD.

While Canadian numbers weren’t available, similar price increases in Canadian dollars would add more than $23,500 to the price of a new home, disrupting the housing market and adding to the ongoing affordability crunch.

However, according to Liz Kovach, president of the Western Retail Lumber Association, Canadian consumers shouldn’t be as worried about rising lumber costs as those south of the border.

“If you’re listening to what’s happening in the U.S., they are paying tariffs on lumber prices,” Kovach said. “They’re going to see higher prices simply because they’ve implemented tariffs on Canadian lumber so that cost is getting passed on to the consumer.”

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Lumber’s rollercoaster price volatility dates back to the start of the COVID-19 pandemic. Anticipating reduced demand, sawmills pulled back on production in spring 2020, then had trouble meeting demand from an unexpectedly hot housing market and renovation projects ramping up.

Prices surged to more than $1,500USD per thousand board feet in May 2021 before a combination of increased lumber production and reduced renovation demand brought prices back to earth, bottoming out at $389USD in August.

However, prices gradually crept up through the fall, climbing past $600USD in November before surging last month. Lumber saw a weekly record price gain of $129USD in late December, with buyers trying to lock in prices in advance of U.S. tariffs on Canadian softwood doubling.

The increased demand resulted from the U.S. Department of Commerce imposing average duties of 17.9 per cent on softwood lumber imported from Canada, twice the previous rate of 8.99 per cent.

Additional factors behind the latest price push include hot and dry conditions stoking a destructive summer wildfire season along the West Coast, as well as supply chain disruptions stemming from B.C.’s record rainfall in November.

Several B.C. roadways and rail lines were damaged by flooding and landslides, contributing to a supply chain bottleneck at the Port of Vancouver. Lumber shipments were delayed, causing a supply crunch and pushing prices up as home builder demand remained high.

It remains to be seen whether lumber prices will continue their upward trajectory into the spring, as construction projects ramp up and demand increases.

© 2020 BuzzBuzzHome Corp.

Economists forecast rising home sales, prices in 2022 CIBC is the out

WI Staff
Western Investor

CIBC is the outlier in forecasting a national 15 per cent drop in sales compared to 2021

Despite headwinds, most analysts forecast robust housing market this year. | File photo

CIBC is the outlier in forecasting a national 15 per cent drop in sales compared to 2021

Most of Canada’s biggest mortgage lenders and its largest real estate groups are forecasting a robust housing market this year, with some seeing double-digit sale increases and sharp price hikes, despite rising lending rates and a shortage of homes for sale.

CIBC, however, believes overall residential sales will decline this year, though condo prices could rise.

And the BC Real Estate Association sees the provincial sales pace slowing, with a 15 per cent decline in home transactions in 2022, compared to the record-setting pace of 2021.

The outlook from most analysts parallels that of the Canadian Real Estate Association, which expects 2022 home sales to increase 8.6 per cent compared to last year, with prices rising 7.6 per cent.

Royal LePage, citing rising immigration, predicts that average house prices will increase 10.5 per cent in 2022. Re/Max Canada sees a 9.2 per cent price increase, year-over-year.

All the forecasts, however, are shadowed by the fact that most analysts expect the Bank of Canada overnight lending rate to increase from its current setting of 0.25 per cent to 1.25 cent by the end of 2022, in a series of hikes.

The Royal Bank of Canada predicts 2022 home sales to increase 19.8 per cent from a year earlier, with the average home price increasing 3.3 per cent “We expect extremely tight demand-supply conditions will keep prices under intense upward pressure in the near term though we see such pressure easing significantly by the second half of 2022 as markets achieve a better balance.”

The Toronto Dominion Bank is forecasting a 7 per cent increase in home prices this year, noting, “both new and resale markets remain drum-tight, suggesting another strong year for price growth is in the cards for 2022.”

The Canadian Imperial Bank of Commerce (CIBC) is the outlier, cautioning that home sales could drop in 2022 and condos may be the only sector to see price growth.

“Overall, we expect sales to fall by 15 per cent in 2022, relative to the elevated level seen in 2021—an environment that is consistent with a notable deceleration in home price inflation next year,” wrote economist Benjamin Tal. “This environment is also likely to impact the relative value of condos vs. a single-detached unit. Logic suggests that higher rates will channel more activity into the more affordable condo market, resulting in relative price outperformance in that market.”

© 2022 Western Investor

Average Prices Soar 25% in The Toronto Region: TRREB

Rachel Rehkopf
other

The results are in: 2021 was a record-breaking year for real estate in the Toronto region.

The Toronto Regional Real Estate Board (TRREB) has just released its numbers for December 2021, which shows that the year, with a total of 121,712 sales, beat out the previous record in 2016 by 7.7%. When compared to last year, sales were up nearly 30%.

Although December rounded out a record-breaking year, the month’s individual numbers were strong but not extraordinary. GTA REALTORS reported 6,031 sales last month, which is down more than 1,000 transactions (-15.7%) from the record-breaking December of last year.

Here are some of the newest listings to hit the market in Toronto

Continuing trends seen throughout 2021, low inventory remains a massive constraint on the market. Compared to last year, new listings were down 11.9% and active listings were down a whopping 59% – meaning buyers continue to face steep competition in this market, with very few homes to choose from.

These tight inventory conditions continue to put upwards pressure on prices, with the average selling price in the Toronto Region reaching $1,157,849 and the median price topping one million for the first time in history. This means that over the course of 2021, average home prices have increased 25%.

Here are three key takeaways you need to know about what else is happening in the Toronto real estate market:

Homes are Selling Far Above their Asking Price

Over the course of the month, properties across all TRREB areas sold for an average of 109% of its list price. This means that most properties are selling for over their asking price, and on average receiving nearly 10% more than what it was listed for. Compared to December of last year, where the sold-to-list-price ratio was 101%, this year properties are selling much higher over asking, most likely in bidding-war conditions. 

This trend was most elevated in Durham, a region that’s seen an incredibly hot real estate market this year. In December, homes in the area sold on average for 119% of their asking price. In Clarington, Oshawa and Whitby, homes sold for more than 120% of their asking price, at 123%, 122% and 121% respectively.

What are homes selling for in your neighbourhood?

Check Out Sold Data

 

There’s Less Than One Month of Inventory on the Market

Given our current pace of sales, if no new homes came to the market in January we would completely run out of homes on the market in less than a month in the Toronto Region – with our total months of inventory trending to 0.9.

In extremely competitive markets, like Durham and Dufferin, this metric is currently trending to 0.5 months. It’s a similar story in Halton, where the metric sits at only 0.6 months.

While months of inventory have remained extremely low in the Toronto Region for much of recent history, compared to December of last year, where months of inventory trended towards 1.6, it’s clear ultra-low inventory is continuing to tighten market conditions.

To put in perspective, the national average for this metric has typically trended around 5 months.

Homes are Selling Fast, Even by December Standards

December is known to be a quiet month in real estate – filled with parties and busy holiday schedules, most buyers and sellers decide to put off their move to the beginning of the new year. But even despite that factor, and that overall December had fewer sales this year than last, the stats show that properties are moving quickly

For instance, when looking at total property days on market, last December saw properties take an average of 35 total days to sell. This year, it took only 19, a decrease of 45.7%. This just goes to illustrate how tight the market conditions are in the Toronto Region – even with fewer sales, low inventory and a hyper-competitive marketplace means that buyers are snapping up available homes quickly.

 

 

 

What does this mean for buyers?

Looking at sales volumes alone, it might seem like this December was a quiet month for real estate. But, after taking a look at other important metrics, like:

• How close homes are selling to their asking price
• How many months of inventory are left on the market
• And how quickly homes are selling

It becomes clear that buyer demand is strong, but having too few homes for sale is continuing to constrain the market – which has led to an extremely competitive marketplace for buyers.

Although historically, more supply tends to come to the market in January as would-be sellers change their focus from holiday get-togethers to listing their home, the same phenomenon can be observed for buyers as well. Meaning many industry experts aren’t anticipating that the buyers will find significant reprieve without supply-side intervention.

“Tight market conditions prevailed throughout the GTA and broader Greater Golden Horseshoe in 2021, with a lack of inventory noted across all home types. The result was intense competition between buyers, pushing selling prices up by double digits year-over-year. Looking forward, the only sustainable way to moderate price growth will be to bring on more supply. History has shown that demand-side policies, such as additional taxation on principal residences, foreign buyers, and small-scale  investors, have not been sustainable long-term solutions to housing affordability or supply constraints,” said TRREB Chief Market Analyst Jason Mercer.

So what’s a hopeful buyer to do in this market? According to Zoocasa Sales Representative, Evelyn Anders, it comes down to choosing the right expert to help navigate these conditions.

“Even in a challenging market, like this one, an experienced agent will be able to use strategies that create opportunity for their clients. No inventory doesn’t mean no opportunity, it just means you may have to go about your home search creatively,” says Anders.

If you’re looking to make a move in 2021, we can help. Sign up below to talk to one of our real estate agents about how we can help you reach your housing goals in today’s market.

Want to Buy a House in 2021?

Talk to Our Experts!

 

© 2015 – 2021 Zoocasa Realty Inc., Brokerage

Burnaby 4.6-acre industrial assembly sells for $18.5 million

William Wright
Western Investor

Properties in the Big Bend area could be redeveloped from heavy industrial to light industrial zoning at the geographic centre of Metro Vancouver.

Property type: Industrial land
Location: 8818 and 8823 Greenall Avenue, Burnaby, B.C.
Land size:  3.57 acres and 1.05 Acres
Total land size: 4.62 acres
Current zoning: M3 Industrial
Potential zoning: M2 and M5 Light industrial
Sale price: $18.5 million
Brokerage: William Wright Commercial, Langley, B.C.
Broker: Zuber Jamal.

© 2022 Western Investor

Port Coquitlam 65-unit multi-family sells for $18.2 million

William Wright
Western Investor

McAllister Apartments and Plaza is a fully leased thee- storey building comprised of 65 residential units and eight retail units in downtown Port Coquitlam, B.C.

Property type: Mixed-use multi-family
Location: 2232 McAllister, Port Coquitlam, B.C.
Number of units: 65 residential; 8 retail
Property size: 60,605 square feet (approx.)
Land size: 1.2 acres
Sale price: $18.22 million
Brokerage: William Wright Commercial, Langley, B.C
Agent: Marianne DeCotis

© 2022 Western Investor

East Vancouver multi-family sells for $422,222 per door

Goodman Commercial Inc.
Western Investor

The three-storey, 18-unit rental apartment building on East 6th Avenue, Vancouver, built in 1968, sold for $7.5 million.

Property type: Multi-family rental
Location: 306 East 6th Avenue, Vancouver
Number of units: 18
Property size: 11,275 square feet (rentable area).
Land size: 12,078 square feet
Zoning: RM-4
Sale price: $7.5 million
Capitalization rate: 2.1%
Brokerage: Goodman Commercial Inc., Vancouver
Brokers: Mark Goodman and Cynthia Jagger.

© 2022 Western Investor

Average Prices Soar Nearly 25% in The Toronto Region: TRREB

Rachel Rehkopf
other

The results are in: 2021 was a record-breaking year for real estate in the Toronto region.

The Toronto Regional Real Estate Board (TRREB) has just released its numbers for December 2021, which shows that the year, with a total of 121,712 sales, beat out the previous record in 2016 by 7.7%. When compared to last year, sales were up nearly 30%.

Although December rounded out a record-breaking year, the month’s individual numbers were strong but not extraordinary. GTA REALTORS reported 6,031 sales last month, which is down more than 1,000 transactions (-15.7%) from the record-breaking December of last year.

Here are some of the newest listings to hit the market in Toronto

Continuing trends seen throughout 2021, low inventory remains a massive constraint on the market. Compared to last year, new listings were down 11.9% and active listings were down a whopping 59% – meaning buyers continue to face steep competition in this market, with very few homes to choose from.

These tight inventory conditions continue to put upwards pressure on prices, with the average selling price in the Toronto Region reaching $1,157,849 and the median price topping one million for the first time in history. This means that over the course of 2021, average home prices have increased 24.2%.

Here are three key takeaways you need to know about what else is happening in the Toronto real estate market:

Homes are Selling Far Above their Asking Price 

Over the course of the month, properties across all TRREB areas sold for an average of 109% of their list price. This means that most properties are selling for over their asking price, and on average receiving nearly 10% more than what it was listed for. Compared to December of last year, where the sold-to-list-price ratio was 101%, this year properties are selling much higher over asking, most likely in bidding-war conditions.

This trend was most elevated in Durham, a region that’s seen an incredibly hot real estate market this year. In December, homes in the area sold on average for 119% of their asking price. In Clarington, Oshawa and Whitby, homes sold for more than 120% of their asking price, at 123%, 122%, and 121% respectively.

What are homes selling for in your neighbourhood?

Check Out Sold Data

 

There’s Less Than One Month of Inventory on the Market 

Given our current pace of sales, if no new homes came to the market in January we would completely run out of homes on the market in less than a month in the Toronto Region, with our total months of inventory trending to 0.9.

In extremely competitive markets, like Durham and Dufferin, this metric is currently trending to 0.5 months. It’s a similar story in Halton, where the metric sits at only 0.6 months.

While months of inventory have remained extremely low in the Toronto Region for much of recent history, compared to December of last year, where months of inventory trended towards 1.6, it’s clear ultra-low inventory is continuing to tighten market conditions.

To put in perspective, the national average for this metric has typically trended around 5 months.

Homes are Selling Fast, Even by December Standards 

December is known to be a quiet month in real estate – filled with parties and busy holiday schedules, most buyers and sellers decide to put off their move to the beginning of the new year. But even despite that factor, and that overall December had fewer sales this year than last, the stats show that properties are moving quickly.

For instance, when looking at total property days on market, last December saw properties take an average of 35 total days to sell. This year, it took only 19, a decrease of 45.7%. This just goes to illustrate how tight the market conditions are in the Toronto Region – even with fewer sales, low inventory, and a hyper-competitive marketplace means that buyers are snapping up available homes quickly. 

 

 

What does this mean for buyers?

Looking at sales volumes alone, it might seem like this December was a quiet month for real estate. But, after taking a look at other important metrics, like:

• How close homes are selling to their asking price
• How many months of inventory are left on the market
• And how quickly homes are selling

It becomes clear that buyer demand is strong, but having too few homes for sale is continuing to constrain the market. All of this leads to an extremely competitive marketplace for buyers.

Although historically, more supply tends to come to the market in January as would-be sellers change their focus from holiday get-togethers to listing their home, the same phenomenon can be observed for buyers as well. Meaning many industry experts aren’t anticipating that the buyers will find significant reprieve without supply-side intervention.

“Tight market conditions prevailed throughout the GTA and broader Greater Golden Horseshoe in 2021, with a lack of inventory noted across all home types. The result was intense competition between buyers, pushing selling prices up by double digits year-over-year. Looking forward, the only sustainable way to moderate price growth will be to bring on more supply. History has shown that demand-side policies, such as additional taxation on principal residences, foreign buyers, and small-scale investors, have not been sustainable long-term solutions to housing affordability or supply constraints,” said TRREB Chief Market Analyst Jason Mercer.

So what’s a hopeful buyer to do in this market? According to Zoocasa Sales Representative, Evelyn Anders, it comes down to choosing the right expert to help navigate these conditions.

“Even in a challenging market, like this one, an experienced agent will be able to use strategies that create opportunity for their clients. No inventory doesn’t mean no opportunity, it just means you may have to go about your home search creatively,” says Anders.

If you’re looking to make a move in 2021, we can help. Sign up below to talk to one of our real estate agents about how we can help you reach your housing goals in today’s market.

Want to Buy a House in 2021?

Talk to Our Experts!$

© 2015 – 2021 Zoocasa Realty Inc