Homebuyers are more often getting the “upper hand” — and better prices — on sellers in Canada’s slowing real estate markets, according to a new Royal Bank of Canada report.
The RBC analysis of the October resale market argues higher interest rates have the fall housing market “stuck in a low gear.”
Inventories are still growing, but not at the pace seen for the past few months in Toronto, Vancouver and the Fraser Valley. Buyers are still finding they have more options to choose from, leading to a “rebalancing of market conditions.”
Those buyers who are able to qualify for a mortgage amid higher interest rates have been able to extract lower prices in some Ontario, Quebec and British Columbian markets, according to the report from RBC’s Robert Hogue and Rachel Battaglia.
New report shows just how far out of reach home ownership has become
Toronto, Montreal, Vancouver and