Successive rate increases have eroded buying power as borrowing costs rose and sent prices falling, discouraging sellers from listing their homes
TORONTO — With two kids under the age of six living in a two-bedroom, one-bathroom household, Jacquelin Forsey and her husband have long known it would only be a matter of time before their family outgrew their beloved home.
The couple has spent recent months scouring listings and put in at least one failed bid, but Forsey has her fingers crossed that their fortunes will change this spring as economists and brokers predict activity to return to Canada's housing market. "We got a flood of buyers in January, in February and we still are getting more and more and we started seeing multiple offers return and bully offers return," said Michelle Gilbert, a Toronto broker with Sage Real Estate Ltd."We've started getting calls where buyers are just like 'I think I'll just adjust what I want, but I don't want to miss my opportunity."
Over in Vancouver, Coldwell Banker Prestige Realty agent Tirajeh Mazaheri has also seen a resurgence in buyers. February’s new listings totalled 51,366, down 26 per cent from a year ago, the Canadian Real Estate Association recently revealed. On a seasonally-adjusted basis, they hit 57,535, down nearly eight per cent from January.
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