OSFI has proposed new changes to the mortgage stress test in an effort to cool an overheated real estate market. Markets such as Toronto and Vancouver have been exploding over the past twelve months despite the pandemic. It brings the question of whether this will have the desired effect or will simply be a temporary solution to an ongoing problem.
Competition has been a defining trend in Toronto’s real estate market for decades now. The supply is never enough for the constant demand for housing. As we’ve mentioned many times before, this has driven the prices in Toronto sky high forcing even fiercer competition and regular bidding wars on many properties. With so many buyers vying for their new home, it’s common to lose on offer night. An occurrence that often repeats for many buyers. How is it possible to stay positive in such a fierce and competitive market?
Despite a global pandemic and enduring the second wave, Toronto’s real estate market is as competitive and hot as ever. Rents are hitting a huge low as an unprecedented exodus from the city begins as remote working becomes the norm. With the many industries suffering through these changes, why is the real estate market still so crazy?
