The frantic bidding wars and multiple offer scenario’s which characterized the first 4 months of 2017 are largely over, at least in Oakville and surrounding areas. Noticeably fewer foreign buyers exist as a result of the Provincial government’s 15% foreign buyer’s tax, implementation of previously announced changes to mortgage lending rules and mortgage insurance guidelines as well as the near ‘death throws’ of Home Capital one of the country’s largest and most prominent B lenders. The city of Montreal is now the new darling of foreign investors.
Locally, the number of new listings is way up, giving buyers much more selection then in recent memory as well as time to think about the purchase. Selection is good and prices negotiable.
Prices have not gone down as yet and June transactions are establishing a base for the third and fourth quarters of the year. We will likely see downward pressure on home prices in the coming months if supply builds and interest rates rise. If you’ve been waiting to step in to the market now is the best time to buy in the last 12 months.