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.

Waiting for highest prices from the past? Can wait forever... everything is relative...

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Cancelled listings, turning homes into rentals more common as housing market coolsWhen Shannon Tebb listed her downtown Toronto loft for sale in mid\u002DJune, she did everything to make the property attractive for buyers. She hired stagers,…
Fonte: ottawasuncom - 🏆 4. / 92 Consulte Mais informação »

Scammers are taking advantage of the overheated rental marketPrices for rental apartments in Canada have gone up significantly this year, leading to fierce competition and an environment ripe for scammers
Fonte: globeandmail - 🏆 5. / 92 Consulte Mais informação »

Prices are falling but rents are rising in Canada's paradoxical housing marketAn unintended consequence of falling prices is the increased pressure on rental housing, write Murtaza Haider and Stephen Moranis. Read on
Fonte: financialpost - 🏆 7. / 85 Consulte Mais informação »