With many Canadian homeowners facing a sharp rise in mortgage payments, many of them have decided to bail, resulting in the highest number of Toronto housing units for sale in more than a decade and signaling a big drop in prices in the coming months. In Toronto, a city where two-thirds of the country's condominiums are sold, considered a bellwether for other big metropolitan areas, inventories have pushed past highs reached 10 years ago, data showed. Rising inventories with anemic sales show a high degree of stress in Canada's biggest property market, real estate consultants said.
  • @[email protected]
    39•2 months ago

    At the same time, many are also reluctant to lower asking prices and book losses on their investment, he said, at least for now.

    “There’s just limited willingness to lose money,” said Daniel Foch, director of economic research at RARE Real Estate. “It seems like nobody has really adjusted their expectations to a market in which they aren’t going to make a profit,” he said.

    Oh no, won’t they think of those poor investors!

    • @[email protected]
      10•2 months ago

      I’m a dual citizen with a lot of family in Canada. When I lived there, there was tons of homes owned by foreign investors especially the Chinese. Has Canada done anything yet about that?