Page 7 - John Pasalis News Today

After fuelling Canadas economy through the COVID-19 pandemic, the real estate market is showing signs of weakness as home prices fall and bidding wars dissipate. Its welcome news for prospective buyers hoping for a better price. But as the busy fall season nears, realtors and economists are at odds over how long the pricing slide will last and how low it will go.

After fuelling Canadas economy through the COVID-19 pandemic, the real estate market is showing signs of weakness as home prices fall and bidding wars dissipate. Its welcome news for prospective buyers hoping for a better price. But as the busy fall season nears, realtors and economists are at odds over how long the pricing slide will last and how low it will go.

Realtors, economists at odds over how long pricing slide will last and how low it will go

Analysis: ‘Buyers don’t know whether to purchase yet. And sellers don’t know if they should sell for less.’

Average monthly rents in the Greater Toronto Area (GTA) increased 19 per cent year over year in June.

The summer is usually a quieter time of year for real estate sales.

The cooling trends in the housing market are likely to intensify due to rapidly rising interest rates.

A soaring inflation rate is forcing Canadians to contend with a climbing cost of living, as the prices of groceries and gas are on a steady incline. But for those who rent their homes, a rise in inflation is also likely to send rent prices shooting up over the months to come, experts say.

Higher interest rates are beginning to slow activity in the housing market, although homebuyers will have to wait longer for prices to drop.

Changes come as first-time buyers have largely shunned program