thats an ominous thing to hear, esp from an agent....any particular reason you feel this way?
I'd like to hear what you are hearing/seeing to lead to this.
On the PRECON market for condos, for sure this is happening.
I am getting routinely PRECON offering discounts, free parking, lockers, discounts and also agents being offered 5%. I have even been told of 6% to the agent though have not actually seen that.
I notice also that there is slowly more product hitting market.
Also, I notice that the Toronto real estate agents have become more vocal about the Toronto Land Transfer tax complaining people are choosing to buy in the 905. While they were upset before, I suspect the reason they are complaining now is that the absolute number of purchasers may be going down and they are seeking to stimulate purchases by drawing back the 905 sales which are presently having an advantage.
All this makes me "feel" like Ric that something is happening.
The other issue is that in May the stock market fell about 8%; a significant retracement and since until then since 2009 when the market started to recover people were making money, I suspect people felt richer. Just my guesses.
One additonal thought....I hear that bidding wars while still occurring are happening far less routinely and often faultering....all this suggests things may be going back to a more balanced market, perhaps on their way to a buyer's market. I note David Rosenberg had a brief blurb in one of the newspapers saying "1 down and 1 to go" referring to Vancouver as in a correction now with TO to come.