Those who somehow haven't given up the hope of owning a home in Toronto may be calmly waiting on the sidelines until further Bank of Canada rate cuts, but for realtors, developers and current owners trying to sell, things are looking pretty grave.Those quick sales also now appear to be a thing of the past, with properties spending far longer on the market amid very little movement — something that is just one of a slew of indicators of trouble.
The fact that the cumulative number of days a given address has been for sale is higher than the days a specificAnd with a whopping 67.4 per cent more active listings in June 2024 than in June 2023, a more attractive price is crucial to ensure a sale. And yet, amid all of these drastic figures, selling prices remain relatively unchanged, down only a marginal 1.6 per cent year-over-year.