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Canadian housing market slowdown a reality check for home sellers, realtors say

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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.

For more info, please go to https://globalnews.ca/news/10098594/canada-housing-market-home-sellers-fall-2023/

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Category
U.S. & Canada
Tags
global news, canada, canada housing
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