The plunge is merely a correction of a Canadian real estate market that has been operating beyond economic fundamentals.
The Toronto suburbs, in particular, are yielding a near-daily stream of homes sold at discounts of more than $100,000.in April at $1.6 million. After two months, the sellers let it go for $1.38 million.but ultimately sold for $1.5 million, a price reduction of $300,000. A similar Brampton home spent 35 days on the market at a list price of $1.4 million before sellers accepted an offer that was more than $250,000 lower.
Another phenomenon to hit Canadian real estate in recent weeks has been a spike in “delistings,” homes that are taken off the market after failing to attract any bids. In some regions of Ontario right now,If sellers are chronically overestimating the values of their homes, it’s largely because Canadian home sales had spent more than a year being defined by the exact opposite phenomenon.
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