Some highlights from their conversation on June 9th include:
- The market is still hot but is starting to slow down
New listings and sales are trending downwards in the GTA and Vancouver housing markets despite the market usually picking up at this time of year. Buyer fatigue, nice weather, Toronto's reopening, and a natural lull after a very hot market all plays a part in this slowdown.
- The new stress test that came into effect June 1st has little impact on buyer psychology
Instead, things like the improving weather, buyer fatigue, the provinces opening back up, and the natural slowdown in the summer months is having a bigger psychological impact than new policies or changes. Those buyers will likely just come back into the market in the fall.
- We need to see inventory levels up at five or six months to experience lower home prices; something we're not likely to see any time soon
- The government is deliberately raising home prices
Click on the video above to watch the full interview.
John Pasalis is President of Realosophy Realty, a Toronto real estate brokerage which uses data analysis to advise residential real estate buyers, sellers and investors.
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).