According to Reuters, properties advertised for sale in Toronto’s supply-constrained market have already decreased at a slower rate than sales in February from a year ago.
“I had listings that, in January, would have had a 100+ showings,” Nasma Ali, chief executive of broker One Group, told the news outlet.
A conjunction of variables appears to be driving the slowdown in large cities such as Toronto and Vancouver, as well as their surrounding territories.
Home prices in Canada have risen 52% in the last two years, according to Reuters, thanks in part to record-low mortgage rates.
Marnie Bennett, owner of Bennett Property Shop Realty in Ottawa, has also noticed a shift in the market, according to Reuters.