Page 6 - Real Estate Now Sept-Oct 2022

What Does a Buyer’s Market Mean

for Sellers?

Michelle McNally courtesy REALTOR.ca
T hings are changing in Canada’s real estate landscape.

After a scorching year for real estate in 2021—a time when home prices smashed records and sales volume
rose above the norm—there appears to be a slowdown in the marketplace.
According to the latest numbers from the Canadian Real Estate Association (CREA), home sales recorded over Canadian
MLS® Systems dropped 5.6% between May and June 2022. Sales were down in three-quarters of all local markets, led
by Canada’s biggest cities – the Greater Toronto Area (GTA), Greater Vancouver, Calgary, Edmonton, Ottawa, Hamilton,
and Burlington to name a few.

The shift in the marketplace from a hot seller’s market to a balanced or more buyer-friendly one can feel uncertain,
especially for people in the process of listing their property.
We asked REALTORS® across Canada about how the market performed pre-pandemic, why it’s changing now, and
what home sellers can do to prepare.

6 | REAL ESTATE NOW | denise@BCislandhomes.ca