The Greater Toronto Area is facing an “unprecedented surge” in the number of terminated condo real estate listings, which indicates that the region’s housing market is continuing to slow down, experts say.
Strata, a Toronto-based real estate platform, issued a report this month, saying that cancelled listings across the GTA spiked by 643 per cent since the start of the year.
“Many sellers are still operating under the impression that this is a seller’s market, so they are listing too high and not seeing any action,” Alex Hood, a realtor at Strata.ca, said. Hood said he believes the number of terminated listing will wane as sellers’ expectation start to “align with realities of the current market.”
“After a winter hibernation, rental markets are roaring back with multiple offers, large rental deposits, and very few days on the market,” real estate agent Nate Légaré said.
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