Will a pullback in the market lead to lower average home prices in the coming months or will prices stay high throughout 2021? What would it take to bring down the average cost of a home in Toronto?
BNN Bloomberg's Greg Bonnell speaks with John Pasalis, Move Smartly lead contributor and Realosophy Realty President, about the possibility of a pullback in the housing market in 2021 and what that could look like.
Watch full video above and see highlights below or click here to read the full article.
Some of John's key points include:
- We are unlikely to see even a modest pullback in the market by the end of 2021.
- We're "solving" supply problems by building significantly more condominiums and significantly less single-family homes.
The government and municipalities need to look at how we accelerate the building of family-sized properties (townhomes, single-family homes, etc.) as many homebuyers want these types of homes and they are currently in short supply.
- The new "stress test" will not have a huge impact on the hot market.
John Pasalis is President of Realosophy Realty, an innovative residential real estate brokerage in Toronto. A leader in real estate analytics, Realosophy educates consumers at Realosophy.com and MoveSmartly.com and helps clients make better decisions when buying and selling a home.
A specialist in real estate data analysis, John’s research focuses on unlocking micro trends in the Greater Toronto Area real estate market. His research has been utilized by the Bank of Canada, the Canadian Mortgage and Housing Corporation (CMHC) and the International Monetary Fund (IMF).