In an email, John Pasalis, president and broker of record at Realosophy, a Toronto real estate brokerage, expressed the potential impact of further rate hikes on the market. Pasalis stated, “If additional hikes discourage more buyers, there is a chance we may witness some downward pressure on prices.”
“It’s hard to say specifically what metric makes something a buyers’ market. But generally, we’re still in a seller’s market,” Pasalis said in an interview. “There are still multiple offers. It’s just cooling. It’s just not as competitive as it was a month or two ago … but we’re probably moving in that direction.”Article content
and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn’t find a home meeting their needs. Simply put, you can’t buy what is not available.”Article content