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The housing market across various parts of Canada is experiencing a slowdown, prompting home sellers to confront difficult choices like adjusting prices or delaying sales due to rising interest rates. Real estate experts emphasize that flexibility and patience regarding pricing are crucial in the current market, cautioning against the assumption that waiting until spring will guarantee better deals. October's Canadian Real Estate Association data indicated a significant decline in sales activity, with many major markets affected. Larry Cerqua, CREA's chair, attributed this decline to higher interest rates constraining buyers' purchasing power, leading to what he termed as an early "hibernation."

In regions like Kingston, Ontario, and the Greater Vancouver Area, the housing market has seen decreases in both sales volume and average prices. The time it takes to sell a home has notably increased, with some properties taking three to six months to secure a sale. Sellers are facing unexpected challenges as the market dynamics shift, finding themselves in a position where adjusting prices swiftly is crucial. However, some sellers are still clinging to past market conditions, unaware that their previous negotiating power may have diminished due to the evolving landscape.

While not every market is experiencing a significant chill, areas like Ontario and British Columbia are witnessing tougher times for sellers due to high-interest rates. In these regions, affordability challenges and longer wait times to sell homes are prevalent. Sellers, especially investors whose rental incomes no longer cover their mortgages, are under pressure to offload properties amid reduced demand caused by higher borrowing costs.

Experts highlight the importance of sellers being sharp on pricing and adapting to the current market conditions. Despite the prevailing fear of missing out on previously achieved prices, adjusting to the present market reality is crucial to avoid listings becoming stagnant. Sellers, particularly investors, are increasingly feeling the pressure, creating a sense of urgency in making decisions regarding their properties.

Read the full article on: Global NEWS