Fewer home bids easing competition for some Canadian buyers, but prices still high: brokers

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Fewer home bids easing competition for some Canadian buyers, but prices still high: brokers
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Brokers in Toronto, Montreal and Vancouver say plenty of properties their clients are eyeing or selling are snagging fewer offers than months ago

Sara Rowshanbin, a broker with Chestnut Park Real Estate Limited, says Toronto condos under 1,000 square feet and semi-detached homes priced below $1-million used to get 15 or more bids, but are now only receiving about five.

Fuelling the trend are buyers she’s noticed are too nervous to wade into the market in case conditions quickly change, preferring instead to wait on the sidelines to see how strong the softening is and whether recent interest rate hikes will significantly reduce their buying power. Marc LeFrancois, a broker with Royal LePage Tendance in Montreal, says many of his clients are questioning why they should bid significantly over the asking price if sales are down and are those who had the winning bid in situations without multiple offers are wondering if they paid too much.

Montreal, Vancouver and Toronto’s real estate boards reported the number of sales moderated in April even as average prices were still up from a year ago and in some cases from the month before. Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.

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