It’s the pressing dilemma facing homeowners in Canada’s lacklustre real estate market
One dilemma confronting people who are considering trading properties in Canada’s lackluster real estate market is the question of whether to buy first or sell.
But the pair then faced selling their existing detached, four-bedroom home in the depths of the Ottawa winter. The couple waited until January, then moved the entire family out of the house at 365 River Landing Ave., and had it prepped to show as well as possible. Two nearby houses with identical floor plans were on the market at the time at higher prices and they still haven’t sold, Mr. Chin adds. In the first week of February, one listed for $50,000 more had been on the market for 64 days and the other, listed for $25,000 more, had been sitting for 76 days.
Now those buildings are being completed after massive delays due to supply shortages and other problems. The buyers are having a hard time qualifying for financing with the current higher interest rates and stress test. “Your over-aggressive tactics won’t do you any good here,” he warns them, adding that sellers refuse to sell to them. “They actually ruin it for their client.”
Durham Region, east of Toronto, is one of the areas that saw a surge in sales and prices during the pandemic as many first-time buyers jumped into the market and city dwellers fled Toronto. Now communities such as Oshawa, Bowmanville, Ajax and Pickering have seen a sharp drop in prices. Many buyers are assuming that rates will come down by 2025 or so, he says. They figure that puts them in a better position than people who purchased at the peak.
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