It’s been ‘hard to sell’ in many housing markets across Canada. Here’s why

globalnews.ca:

housing markets in many parts of Canada are pushing some home sellers to make hard-fought concessions on price — or delay their plans to sell until next year — in the wake of higher rates.Real estate experts who spoke to Global News say patience and price flexibility are key to landing a sale in today’s market, and that waiting until spring in hopes of a better deal is far from a sure thing.October sales figures from the Canadian Real Estate Association (CREA) released this week showed a “sizable decline” in activity in most of the country’s biggest markets.Sales volumes dropped 5.6 per cent from September, according to CREA, with chair Larry Cerqua saying that buyers might’ve entered an early “hibernation” as higher interest rates limit buying power across the country.Lorna Willis, an agent with Re/Max Finest Realty in Kingston, Ont., says that the number of homes sold in that city was down nine per cent year over year in October, with average prices down 5.3 per cent annually.The main thing that’s changed in the region is how long it takes to sell a home, according to Willis.

While the average days on market in Kingston now stands at 24 days, she says it can take between three and six months to land a sale now.CREA noted that the national sales-to-new listings ratio hit a 10-year low of 49.5 per cent in October.“It’s definitely been a shock for sellers, what’s changed,” Lorna tells Global News.The Greater Vancouver Area is also experiencing a slowdown, says Realtor Elliott Chun at The Partners Real Estate.While sales volumes in the market rose both month over month and year over year in October, he notes the market is still almost 30 per cent below the 10-year average for the month.The number of buyers in the market