With the recent announcement about the strength of the US economy, it seems less likely now that interest rates in Canada will start to budge before the fall. Toronto buyers who are receptive to this news may not come back to the market until there's more certainty.
With that being said, the spring market is quite balanced overall. Houses are still in demand and seeing multiple offers —especially those in great locations. In the condo sector, there is a steady supply of inventory and fewer buyers, so this market is quite flat in terms of growth.
As of the end of June, there will be a considerable increase in capital gains tax on secondary properties. Over the next few weeks, we will see some nervous sellers trying to sell prior to this. Buyers would be wise to stay focused as there may be deals to be had over the coming weeks — if you can close prior to this tax increase. -Andrew
