Sellers are flooding Canada’s housing market, significantly increasing inventories in major cities like Toronto, where active listings surged nearly 70% to a 14-year high.
Despite a slight interest rate cut by the Bank of Canada, buyers have not returned in large numbers, giving more bargaining power to buyers and leading to continued price reductions from sellers.
While cities like Vancouver and Montreal also saw increased listings and moderate sales growth, substantial interest rate cuts may be necessary to boost market activity.
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Source:
https://financialpost.com/news/sellers-rush-back-canada-housing-market
