One prominent Toronto-area real estate broker says more would-be sellers are choosing to delist their homes as the housing market cools and prices sink.
“Yes, I mean, a huge increase in the number of, sort of, cancelled listings compared to last year,” John Pasalis, president of Toronto-based brokerage Realosophy, said in an interview Monday.Some are delisting, only to relist at a lower price – a “sign of mispricing in a slower market,” he said, whereas others are delisting their home and staying put.
While there are no specific or readily available data on how many homes have been delisted, there’s no doubt there’s been a slowdown in the Greater Toronto Area real estate market.home sales sank 41.4 per cent year-over-year Pasalis said so far there hasn’t been a flood of sellers rushing to the market to list their home, but that could change over the coming months.
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