Originally posted on Financial Post | Business:
TORONTO — Long convinced the country’s housing boom would never end in a crash, Canadians have watched this autumn as a sharp slowdown in real estate spreads across the country, leaving would-be home buyers hopeful and sellers scared.
“The power is in the hands of the buyer – that’s what I’m feeling,” said Andria Petrillo, 32, as she and her husband toured a quiet open house in the heart of Toronto, where crowds and chaos once reigned over weekend home showings.
Sellers will commonly say, ’I’m going to wait until the spring, when the market is better.’ And I warn them that it could be worse
But like most people shopping for a new home, Petrillo has to sell her old one first. And that’s where she worries.
“With the economy, I’d like to sell now. I worry about selling because it’s a condo, and that market is…
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