Prospective buyers who have grown tired of going up against dozens of competitors to purchase a home are starting to get some relief from the frenzy seen over the past two years.
Toronto and Montreal brokers say plenty of properties are seeing fewer offers than just a couple of months ago when buyer anxiety was still driving frantic bidding wars, but that the slowing bids haven't yet led to big price drops."With a lot of the smaller condos under 1000 square feet, or semi-detached properties up to $1.
"They want to sort of re-evaluate how they're going to tackle this new market with the higher interest rates, but I don't think they're going to sit on the sidelines for too long," she said.He's recently seen homes sell after receiving a single offer or a few, rather than the 20 brokers were accustomed to dealing with months ago.
"The buyers are a bit hedgy. They're worried when they buy a home and it wasn't done under multiple offers," he said.