Reverse offer? How a slow Canada housing market is forcing sellers to get creative

A flood of listings is creating a buyer's market in some Canadian housing markets and forcing some sellers to get creative to land a deal.

In Toronto, where there is a plethora of condos, for example, some sellers are even letting buyers know they’d go lower than asking – in what’s called a “reverse offer.”

But even as condo sales are down, prices continue to climb due to high construction costs. Global's senior business reporter Anne Gaviola reports.

#GlobalNews #housingmarket #realestate

[Riggsnic_co]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[Phlegethon]

A seller offering a discounted price is called a price decrease

[theastuteangler]

lol investoors are desperate. they are relabelling falling prices as "a reverse offer". just friggin stop already lmao

[rubikscub]

Is that really being "Creative"? - Realtors are so dense

[Tubeofbeans]

I wonder if Realtors will now put signs up that said “Sold Below Asking”

[redMaple_QC]

$500k for a 400sqft. You have to be crazy. No wonder people don't have kids.

[B.D.F.]

0:40 “Forcing her to get creative with a rare reverse offer. That’s where the seller entices a prospective buyer with a discounted price and a *real* willingness to bargain.” Unlike the previously *fake* willingness to bargain. **Bargaining is not “getting creative”** it’s selling like a normal person instead of a greedy investor.

[david-Davidson]

"Interest rates have to come down for buyers to come back" Wrong, prices need to. Im talking -50% correction in prices from here.

[JJTMStudio]

500 Sq. Ft with no balcony, pressed between upper and lower suites AND a monthly strata fee -- kiss my butt.
No thx! 💣💥

[pmoney]

"Condo fees" is the other reasons why people aren't too interested in them. Condo managers seem to have the upper hand in raising prices with little consequences.

[redMaple_QC]

Real estate investors are vampires. Housing shouldn't be a get rich quick scheme.

[Mikebrowski]

what sales are down, but the prices are rising??? Excuse me???

[stephanienguyen]

DON'T BUY - LET SEE MARKET ROCK TO THE BOTTOM

[OscarOwenn]

I reached $100k last quarter, which felt good but anticlimactic. You still keep working, saving and making good choices in an unstable economic environment. However, despite market gains, my portfolio has seeing great decline. I'm looking to improve it and maximize returns.

[Arkhanno]

Looks like sales are going to continue to be low of prices are rising! Also, no one wants condos. Why would I pay a mortgage for an apartment that I also have to pay fees on, with my own maintenance on top of that? That's absurd.

[felixthecat]

Even with the "discounted price" it's still too damn expensive.

[ithinkthat]

Never cared for condos. They are expensive for what you get and then you have the perpetual cost of condo fees.

[JessT-vgib]

Maybe if the sellers cut their prices in half they would sell.

[JohnsonAlima]

👍👍I love the grounded reality of this channel! Despite the economic recession, I no longer depend on Government Grants since I acquire $40, 400 weekly profits

[SaHlGood]

So let me understand what she’s doing. She’s lowering the price of the condo not the asking price so she’s faking a price hoping for a bidding war to get the price to where the seller wants it to be so she’s lying to the buyer to attract more buyers how’s that working out for you?