Well after a few years of a crazy Market it’s it’s definitely been a shock for sellers it’s set to be a cold winter for Canada’s housing market for home sellers who missed the signs the Slowdown can come as a surprise says real estate broker Lona Willis primarily what’s
Changed is the amount of time that it’s taking to sell a home so we’re seeing the average days on Market here to be 24 but it can take 3 to six months to sell a home from Vancouver to Toronto to realtors in most major markets say home
Sales are slowing in October in GTA you have only 4,000 600 transaction these are record low this is like equivalent I think sometime before the year 2000 when the population of Toronto was much lower Realtors say two major groups of buyers have stepped back from the market because of high interest rates firsttime
Home buyers who are finding housing increasingly unaffordable and property investors who can no longer longer rely on rental income to pay those higher mortgages still there’s one group of buyers who can benefit local buyers who have um a high net worth and have money sitting on the sideline and have been
Literally waiting for a moment like now where the the the market has turned into more of a buyer Market to pounce and get that dream property as inventory piles up the advice to sellers is to consider lower bids you want to price correctly so you don’t become what’s seen as a
Stale listing and in many eyes today buyers are looking at 30 days plus as a a stale listing the market is telling you that the price of your home vent out so it’s better to sell it at this price maybe it’s not what you wanted or wish
For than the price that most probably wors in like five months from now Nita ganguli Global News Toronto
The balance is shifting in Canada’s housing market, with realtors in most major markets saying home sales are slowing from Vancouver to Toronto. For home sellers who missed the signs, the slowdown can come as a surprise.
“After a few years of a crazy market, it’s definitely been a shock for sellers,” real estate broker Lorna Willis said. “Primarily what’s changed is the amount of time that it’s taking to sell a home. So we’re seeing the average days on market here to be 24, but it can take three to six months to sell a home.”
Realtors say two major groups of buyers have stepped back from the market because of high interest rates: first-time buyers, who are finding housing increasingly unaffordable; and investors, who can no longer rely on rental income to pay those higher mortgages.
As Global’s Nivrita Ganguly reports, this means some sellers need a reality check on the prices they seek for their homes.
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