Things have definitely changed over the last few months, more sellers have entered the housing market, particularly in September with a surge of new listings in all major Canadian markets. This is opposite of where we were prior to the summer where supply was tremendously limited. Why? This is partially due to rising borrowing costs from higher interest rates as per the Real Estate Magazine.
As an average, many cities across Canada are seeing a slight softening of prices as the market has shifted a little towards a buyers market – everywhere but Calgary which has seen its housing market light on fire with multiple offers and increasing prices.
Article courtesy of Real Estate Magazine