The National Post sure thinks so, inspiration for this article from shenanigans out east.
There has been a sentiment that the market will remain hot forever, now we all know that what goes up must come down. The stats are unfortunately behind the times, some seller’s still optimistic that they will get multiple offers are turning down valid ones to hope for a higher offer down the line…which may never come and some are getting frustrated.
Also, having many buyers who bought homes at the start of the year now those buyers are “out of the market” or have already bought a home and are no longer in the buyers pool.
The pool of fish has been reduced in number and the fish that are in the sea at the moment are more pressed on budget (due to the stress test) so this is creating a trend toward a balanced market in most areas of Canada especially in Calgary where we have depressed economic fundamentals. The following national post article goes into more detail on some unfortunate seller scenarios.
Do you think the market is cooling off in your area? Let us know what you think, contact us to book a discovery call to chat about real estate.
To your success,
-Respect The Hustle