Greater Toronto Area Boasts 23,161 Homes For Sale - But Where Are The Buyers? Rate Cut Failures...

The recent Bank of Canada rate cut, which came on time and on schedule (as predicted by economists including Benjamin Tal whom we featured in a past episode), didn't quite get the reaction that some had anticipated.  Naturally, cutting the rates and making home buying a tad bit more affordable should have instilled confidence in homebuyers resulting in sales to rise and inventory to fall.  

What happened instead?  Home listings surged, sales are plummeting, and who knows where the average home price will go in a few weeks... down... maybe?

On this episode of Real Estate Chat, Robert Ede (http://www.unclebobexplains.com) and Johnder Perez (http://www.johnder.com) chat about what's going on with the real estate market.  We pull out Robert's trusty charts, stats and calculations and discover that inventory is on the rise at an alarming pace.  We also realize that it'll be a soft month for sales in June -- in fact the 25th best ever... skirting previous year's sales levels and, if the seasonally based pattern continues, will result in lower home sales in July.

But wait... rising inventory... sellers dumping their homes for sale into the market... amidst falling sales... few buyers jumping off the fence to grab these homes being listed -- supply demand... wouldn't that result in a dip in average home prices?

We talk about why prices have sustained, at least so far, their steady levels, what would lead to a price decline, and what we anticipate during the summer real estate sales season.

Watch this episode and share your thoughts with us.

Will we see more listings come to market?

Will buyers get off the fence and start gobbling up this glut of homes for sale?

Or will prices drop... aggressively... tipping the market downwards even despite rate cuts?

Let us know what you think.