But this summer feels slower than normal, said Jennifer Scaife, a sales representative at the Desmond Brown Real Estate Team. Buyers are waiting for lower prices, and sellers are only moving if they have to, she said.The slide really began mid-April, said Scaife, when home prices started to go down in a matter of weeks, sending done deals down the drain and prompting sellers and buyers to pause and reassess their plans.
The combination of high home prices and rapidly rising interest rates has put pressure on some people to sell quickly, especially if they have already bought their next home, he said, driving prices down at a fast pace month over month. In some cases, a second appraisal just a few weeks later can result in a large price drop, said Scaife. This leaves more opportunity for conflict in the sales process.
But don’t rush into a sale if it’s not the right time for you or your family. Scaife said this short-term correction is just that — a dip, a slowdown, but not a cliff.“Toronto is just the market that doesn’t take a hit, really,” said Scaife. While buyers and sellers may be taking this time to reassess, “they’re not frozen still.”
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