Though demand is still high, it's cooling in major markets like Toronto and Vancouver. Potential sellers, especially those with high-end properties that appeal to international investors, should list their homes soon.
Other economic factors, like rising interest rates, could also have a cooling effect on the market. Sellers still have the upper hand and there's still plenty of buyer demand, according to analysts.
Properties were flying off the market even when the borders were closed in the pandemic, indicating that domestic buyers had a substantial portion of demand. For would-be sellers, it's still imperative to consider what makes sense for them, and keep in mind that markets are unpredictable.