A new market report from RBC Economics suggests that the jump in sellers ‘selling off the news’ will quickly run its course with listings reversing in the coming months.
RBC’s research points towards the Fair Housing Plan creating a material change for the Greater Toronto Area, “at least for a period of time.” Its economists therefore expect further cooling of the market over the coming months.
Meanwhile, the report says that the cooling of the metro Vancouver market could be wearing off, as shown by a 15.6 per cent month-over-month rise in resales in April.
RBC Economics says that, with government policy taken into consideration, it forecasts national home resales to grow 5.3 per cent this year with prices up 4.8 per cent.
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The surge in new listings in the GTA in April may be short-lived as many sellers may have been “cashing in their chips.”