A “seller’s market” may actually be the wrong terminology, as that definitely does not describe the current environment. And while the fall market is always a time of slowing down and getting ready for the near-stop it comes to in December, this fall is seeing an even bigger slowdown on Toronto’s market. And it could leave some sellers in some precarious positions.

“The fall market is a weekly market,” says Thomas Neal of Royal LePage Estate Realty. “Some weeks it goes and some weeks it doesn’t.”

And unfortunately for homeowners trying to sell their homes, “it doesn’t” more weeks than not right now. And it’s likely to stay that way for some time. The market has quickly gone from unpredictable to underwhelming. Mr. Neal says that not only are there fewer listings on the market right now, there are likely to be fewer heading into December. And listings most likely won’t pick up again until the spring.

“If you don’t have to sell I think you’re going to wait until the spring,” he says. “People who don’t sell in December will be back out on the market in February.”

And he says that sellers shouldn’t hold out hope that other sellers, who need to move out of their home, will scoop up their property either. According to Mr. Neal, those sellers have already purchased their next property; and so they won’t be looking either.

But don’t these general rules only apply to the condo market? This is the segment that has been the most overheated, and its generalizations can sometimes overflow into the single-family market segment too; even if that sweeping generalization doesn’t always mirror reality.

Unfortunately, condo owners looking to up-size aren’t going to provide much relief to sellers, either. Because there’s an oversupply of condos on the Toronto housing market right now, and because condo owners are nervous about how long it would take them to sell their unit, they’re likely not going to be looking for that new home anytime soon – no matter how much they may want to.

“Now they’re not buying first; they’re selling first,” he says.

And it’s not just when owners should sell that Mr. Neal spoke on. He also offered recommendations when it comes to price, saying that it’s more important now that sellers be honest and realistic about what their property’s actual value is – not just what they want to get for it.

“There is an adjustment going on,” he said. “Prices aren’t dropping but they’re coming off of the levels that were inflated to begin with.”

The few buyers that are on the market know this, and they know that now is the time to take advantage of this buyer’s market.

Don’t want that to happen to you as you try to sell your home? Unfortunately, the ship of bidding wars and overpriced homes has sailed, and it’s not likely to be seen again any time soon. Sellers will most likely have to be happy with accepting a “more level” price for their home; and waiting until the spring to do it.