Jordan Fletcher St. Catharines

The Bank of Canada’s recent interest rate hikes are having an impact on Ontario real estate markets, from downtown Toronto to communities across the GTA and Ontario. Home sales are down, delistings are up and prices have moderated in many neighbourhoods. In some Ontario communities, more homes have been delisted than newly listed in recent months. Some of this has to do with unrealistic expectations of sellers, who have been accustomed to hearing anecdotes about homes that were quickly bid up to more than 20 percent over their listing price, not so long ago. Sometimes sellers will delist and relist at a lower price. Others will take the home off the market for the foreseeable future. An unlucky few have gotten caught in the strong currents of a changing market: They may have purchased a new home but were unable to sell the old one, resulting in an unexpected change of plans. The days of bidding wars and huge markups over asking price are probably over, at least for now. But many real e