It’s been ‘hard to sell’ in many housing markets across Canada. Here’s why – National
Slowing housing markets in many parts of Canada are pushing some home sellers to make hard-fought concessions on price — or delay their plans to sell until next year — in the wake of higher rates.
Real estate experts who spoke to Global News say patience and price flexibility are key to landing a sale in today’s market, and that waiting until spring in hopes of a better deal is far from a certain thing.
October sales figures from the Canadian Real Estate Association (CREA) released this week showed a “sizable decline” in activity in most of the country’s biggest markets.
Sales volumes dropped 5.6 per cent from September, according to CREA, with chair Larry Cerqua saying that buyers might have entered an early “hibernation” as higher interest rates limit buying power across the country.
Lorna Willis, an agent with Re/Max Finest Realty in Kingston, Ont., says that the number of homes sold in that city was down nine per cent year over year in October, with average prices down 5.3 per cent annually.
The main thing that’s changed in the region is how long it takes to sell a home,