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Sep 08, 2017

Less demand, lower prices in Toronto causes real estate disputes

When it comes to property prices, it is easy to see the basic economic principle of the market determining value. Real estate agents say some Toronto homeowners have lofty expectations of real estate prices resulting from news of high-priced transactions and lack of information about current market realities. Such real estate disputes have been common since the market peaked with extreme bidding in spring of 2017, as buyers have cooled off from their previous scramble to purchase in the region.

Although it has only been a few months since prices soared in Toronto, much has changed since spring 2017. Buyers have become more wary after watching the rapidly changing marketplace, and they appear to be waiting for prices to drop. While sellers are hoping for a similar bidding boost come September, economists believe the market may not be returning to such a frenzied state.

Some of these real estate disputes are the result of Ontario legislation purposely designed to cool the market, including a new non-resident speculation tax. Real estate agents report that attendance for open houses is lower than in previous months. Bidding wars also are less intense and longer than before.

Those who purchased real estate in Toronto during spring 2017 may find themselves in real estate disputes caused by the fast-moving nature of the market during that time. Current sellers may also be experiencing concerns regarding valuations and new Ontario legislation. In either case, a lawyer is a good person to reach out to for clarification on legalities in any real estate transactions.te lawyer is a good resource for anyone needed clarification or support with these legal issues.