As we approach December and the new mortgage stress coming into play in January 2018, an opportunity is there for anyone looking to get into some of Toronto's most highly desirable areas. But it may cost. For anyone looking into the $5,000,000 price range and up, inventory levels are hitting 10.5 month's of inventory. This is the amount of month's it will take to sell existing inventory, based of the trend of sales going on now.
This strikes a great opportunity for those who can afford. Many times Toronto's top neighbourhoods don't allow for much room to get into. But as new mortgage rules come into play will some seller's be ready to start cutting prices? Which will allow some buyer's who can afford the price tag to have an advantage going into the winter month's this year.
But don't expect this to last forever as the market tends to rebound once the new rules settle in.