Fox Marin Featured in the Toronto Star: Why Some Toronto Homes Aren’t Selling in Today’s Market

Publication: Toronto Star
Date: November 11, 2023
Topic: Toronto housing market, seller expectations, pricing strategy, and shifting market conditions

Ralph Fox, Broker of Record at Fox Marin, and Kori Marin, Co-Founder, were featured in the Toronto Star discussing the significant shift taking place in Toronto’s real estate market as higher interest rates, rising inventory, and changing buyer behaviour create new challenges for sellers.

The article explored why many homes, including those in traditionally desirable neighbourhoods, were sitting on the market longer than expected and how unrealistic pricing expectations were contributing to slower sales activity. It also examined the impact of higher borrowing costs, investor activity, and changing market psychology as Toronto moved into buyer’s market territory.

Quotes from the Toronto Star

“Sellers want the highest and best price available. And they’ll compare it to prices from two years ago. I just had a seller say they compared their home price to (one that sold in) 2021.”

“There needs to be a mindset shift, because now the home is unlikely to get multiple offers, or there’s going to be conditions with the offer, and many aren’t open to embracing that change.”

— Kori Marin, Co-Founder, Fox Marin

““It’s the worst time to sell. They really have to have no other option.”

— Ralph Fox, Broker of Record, Fox Marin

Fox Marin’s Perspective on the Market

Fox Marin’s perspective is that Toronto’s housing market underwent a fundamental shift in 2023 as higher interest rates reduced buyer purchasing power and created a more balanced negotiating environment after years of seller-dominated conditions.

The article highlighted how many sellers were still anchored to peak pricing from 2021 and early 2022, making it difficult for them to adjust expectations to current market realities. Kori Marin noted that many homeowners continued comparing their properties to sales that occurred during historically different market conditions, despite significant changes in borrowing costs and buyer affordability.

The feature also explored how buyer behaviour had evolved. Multiple-offer scenarios became less common, buyers gained more negotiating leverage, and conditional offers returned to the marketplace. Sellers who embraced realistic pricing strategies and adapted to changing conditions were generally better positioned to achieve successful outcomes.

Ralph Fox further highlighted the challenges facing investors and over-leveraged property owners as rising interest rates increased carrying costs and prompted some owners to sell. While certain sellers were entering the market because of life events or financial necessity, Fox advised many homeowners that waiting for more favourable market conditions could be the better long-term strategy when possible.
From Fox Marin’s perspective, success in a changing market requires realistic expectations, strategic pricing, and an understanding of how broader economic conditions influence buyer behaviour.

Why This Matters

Toronto’s real estate market is constantly evolving, and strategies that worked during the highly competitive markets of previous years may no longer produce the same results today.

For sellers, the article highlights the importance of pricing homes based on current market conditions rather than historical peak values. As buyers become more selective and affordability pressures persist, realistic pricing, strong presentation, and flexibility during negotiations become increasingly important.

For buyers, shifting market conditions can create opportunities that may not have existed during periods of intense competition, including greater inventory selection, more negotiating power, and the ability to include protective conditions within offers.
The article also reflects a broader market transition where success increasingly depends on understanding real-time market dynamics rather than relying on assumptions formed during previous market cycles. Working with experienced real estate professionals can help buyers and sellers navigate these changes with confidence and clarity.

Read the full article in the Toronto Star.

Read The Full Article