Lower Than Usual Inventory = Brisk Market
The rush to list this year has been more of a trickle creating an imbalance in the supply demand structure which has translated into a sellers market. We are back to experiencing multiple offer situations with the need to act quickly if you are a buyer. The balanced orderly market we anticipated this year has been quickly changed by three factors: the move to tighten up lending practices and develop more stringent mortgage qualification standards being introduced on April 19th; the time pressure of the introduction of the HST in July, to hurry up purchasing and the threat that mortgage interest rates will rise starting in June. These factors have moved first time buyers to get into the market now in significant numbers.
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