“Just a little bit of a bump in demand could be the difference between homes selling in three, four weeks versus selling in two weeks or selling a lot faster.”
Just a little bit of a bump in demand could be the difference between homes selling in three, four weeks versus selling in two weeks or selling a lot fasterThe latest data from the Canadian Real Estate Association showed prices hit $629,971 in July, down five per cent from $662,924 last July. On a seasonally adjusted basis, it amounted to $650,760, a three per cent drop from June. When pandemic lockdowns began in March 2020, the average national price was $543,920.
“There’s lots of bargain hunters out there who are throwing out offers but if they don’t have to sell, a lot of sellers are saying, ‘no, sorry, not taking it.”It’s a change from the torrid pace of sales and frenzied bidding wars seen earlier in the year and late last year. Economists foresee the increases continuing and Fralic said they’re already encouraging people who don’t need to buy immediately to hold off.Article contentIt's anyone's guess how much prices will fall“If people are thinking are going to plummet, I don’t think that’s accurate,” she said.