Cancelled listings, turning homes into rentals more common as housing market cools

But by July, she was pulling the property off the market — and not because she’d found a seller.

The fall has been attributed to interest rates, which are rising at a faster pace than some anticipated and pushing up the cost of a mortgage, and inflation, which recently hit a 39-year high. “We’re seeing a lot of sellers just not getting the price they want and so they’re like, ‘we’re going to hold off’ or ‘I don’t want to sell $50,000 lower from what my neighbour got a month ago because that’s a lot of money,”‘ said Anna Wong, a Strata sales representative.Article contentCREA found the national average home price in June fell 2% from the same month last year to $665,849 and, on a seasonally adjusted basis, was down 4% from May.

Research firm Urbanation recently reported falling vacancy rates in Toronto in the second quarter pushed up the average rent to $2,533 with a record high of $3.57 per square foot, up 5.9% in the second quarter compared with the first.

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