Terminated: Cancelled Listings Across The GTA Spike By 643%

The number of terminated condo listings across the GTA has risen by 643 percent since the start of 2022, sending a clear message to home-hunters that sellers are not getting the offers they want. This is due to rising inflation and interest rates, as well as a near-tripling of total condo inventory since the start of 2022. This has led to double-digit percentage increases in condo rental prices, both overall and per square foot, since the start of 2022. Some sellers may relist sooner than later, creating an opportunity for buyers to get the inside scoop on listings and for sellers to enter the red-hot rental market. In a cooling market, it is common for listings to be terminated and then relisted with an adjusted price.

This signals wiggle room in the price and the seller likely needs or wants to sell in the current market. Relisting will make the seller's intentions more transparent and give buyers a better hand at negotiating. With the GTA market shifting to favour buyers, it is becoming increasingly important for sellers to get the price right from the get-go. Buyers should not wait too long as things will eventually pick back up.