The GTA housing market has slowed, and homes are sitting on the market longer than most sellers expect. Every extra month adds carrying costs, and that pressure can push sellers into cutting their price or accepting an offer they're not happy with. Here's what waiting really costs, and a short-term option that can give you breathing room.
1. The market has slowed down
GTA homes now take three to four times as long to sell as they did at the 2022 peak, according to Wahi data reported by Canadian Mortgage Professional. In October, GTA sales were down 7.9% from a year ago and the average price was $1,024,108, down 2.7% (TRREB).
Buyers have more choice and more negotiating power. That's good news if you're buying, and a real test of patience if you're selling.
The Strategy: Plan your sale around months, not weeks. Talk to your agent about a realistic timeline before you list, and build your budget around it.
2. The hidden cost of waiting
While your home is on the market, the bills keep coming: mortgage payments, property taxes, insurance, utilities, and often credit cards or lines of credit that crept up along the way. Two or three extra months can add up to thousands of dollars.
That pressure is what pushes many sellers to cut their price or accept an offer they're not happy with.
The Strategy: Add up your total monthly carrying costs, including your debt payments. Then compare that number to what a price reduction would cost you. Knowing both numbers helps you decide calmly.
3. A short-term option: private bridge funding
Through my network of private mortgage lenders, I can arrange a short-term mortgage secured by the equity in the home you're selling. It's designed to be paid off when your home sells. It can help you:
Lower your monthly carrying costs, with no-payment options available from some lenders
Consolidate higher-interest debt into one loan, cleared from the sale proceeds
Fund renovations or updates if you're taking your home off the market to improve it before relisting
Buy your next home before your current one sells, if that's your plan
Depending on the lender, these loans can come with open terms and no penalty for paying them off early. Qualifying focuses mainly on the equity in your home, which can help when bank rules don't fit your situation.
The Strategy: If you're feeling squeezed, look at this before you drop your price. The right short-term financing can give you time to wait for the right buyer.
4. Know the full cost before you decide
Private funding costs more than a bank mortgage. There's a higher interest rate, plus lender, brokerage and legal fees. With a no-payment option, interest and fees are still owed; they're paid from your sale proceeds or set aside when the loan is funded, depending on the lender.
It isn't the right fit for everyone. It works best when you have solid equity and a clear plan to sell.
The Strategy: Ask for the total cost in writing, compare it against the alternatives (a price cut, carrying high-interest debt, or another option), and get independent legal advice. I'll lay it all out plainly so you can make the call that's right for you.
Have questions about your situation?
Whether your home is listed now, you've taken it off the market, or you're planning ahead, I'm happy to walk you through your options at no cost. Book a free 30-minute call or call or text me at 416-525-2918.
Dominic Mascoll is a Mortgage Agent Level 2 (FSRA Licence #M08006540) with The Mortgage Marketplace, brokered by Seventy Seven Park (Brokerage License 13004). This article is for general information only. All financing is subject to lender approval and qualification. Rates, fees, terms and features vary by lender, property and borrower.