Canadian Housing Market Sees Surge in Listings
The Canadian housing market is experiencing a surge in property listings, giving buyers an unprecedented range of options and pushing sellers to adopt creative strategies to close deals.
In Toronto, the influx of condominiums has led to unconventional methods to attract buyers. Real estate agent Davelle Morrison highlights the use of a “reverse offer” strategy. One of her clients, unable to finalize a sale despite multiple interested parties, revisited a previously rejected offer, proposing a lower price to the buyer. This negotiation tactic eventually led to a successful deal after the property had lingered on the market.
Morrison describes the condo market as particularly tough, with properties struggling to attract even initial showings. “The condo market, it’s crickets,” she says, emphasizing the need for sellers to think outside the box.
While the competition for houses remains intense, with bidding wars for desirable properties, the overall home sales in Canada dropped month-to-month in May, according to the Canadian Real Estate Association (CREA). However, cities like Calgary, Edmonton, and Saskatoon have bucked this trend, showing increased market activity.
Despite a decline in buyer activity, the number of active property listings across Canada reached approximately 175,000 at the start of June, marking a 28.4% increase year-over-year.
With the market dynamics shifting, sellers are increasingly willing to adopt innovative approaches to secure sales. Morrison believes that while reverse offers are not yet widespread, such creative strategies could become more common as sellers strive to navigate the current market conditions.
The Canadian real estate landscape is undergoing significant changes, with a notable increase in listings and a need for sellers to employ inventive tactics, particularly in the condo market. As buyers gain more options, the market’s competitive edge might shift, urging sellers to rethink traditional strategies to achieve successful sales.
