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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.

Click to play video: 'October real estate report'

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October real estate report

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.

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The main thing that’s changed in the region is how long it takes to sell a home,

Henley riverside home and cafe up for sale for £4.65m

Thameside, a property located along the banks of the River Thames in Henley includes a café with residential accommodation and a newly constructed office.

Estate agents say the “versatile” property offers a “harmonious mix of commercial and residential spaces in a highly desirable location”.

Built of brick elevations under a tiled roof, the café adjacent to the Thames Pathway boasts a “spacious” customer seating area with a serving counter and kitchen areas.

Above the café, on the first floor lies a three-bedroom apartment spanning and features a first-floor veranda with bi-fold doors with breath-taking views of the river.

Each bedroom has its own ensuite bathroom or shower room and there is also a mezzanine floor on the second level addition to the hallway.

In addition to the café and apartment, Thameside also offers two newly constructed office units to the rear of the property, providing opportunities for businesses to establish a presence in this prime location.

Furthermore, the property boasts a secure gated courtyard with 13 parking spaces.

The guide price for the entire property is set at £4,650,000, with the café priced at £865,000, the apartment at £2,300,000, the offices at £1,250,000, and three non-allocated parking spaces at £235,000.