Zakiya has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
In major Canadian real estate markets like Toronto, Vancouver, and the Fraser Valley, inventory levels are surging. It appears thatwas enough to coax many sellers back into the market, giving would-be homebuyers more choice and pushing conditions towards buyers’ market territory.from the Toronto Regional Real Estate Board, released earlier this month, showed that sales slumped 16.4% on a year-over-year basis in June, with just 6,213 transactions recorded.
While, “in theory” we’re either already in or on the cusp of a buyers’ territory in these major Canadian markets, John Lusink, President ofUnderscoring how slow things are these days, Lusink points to “COVID times,” when his brokerages were seeing half amount of listings, but around 25% more transactions. His take on the matter is that there is plenty of pent-up demand — buyers do want to buy — but in many cases, they aren’t able to qualify in the current interest rate environment.
Interest rates are just one piece of the larger housing in-affordability puzzle, McCredie says. “You’ve had interest rates go up very, very fast… and then you’ve also had your property insurance go up, your HOA fees go up. When you add all up, people are seriously thinking, ‘well, maybe I don't need to buy a house, maybe I should rent a condo or something like that.’”
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