For the first time in more than a decade, realtor Graham Reid is telling his clients the house they are about to put on the market may not sell.
It's a tough piece of advice for sellers to hear considering that a few months ago home sales and prices were at record levels.
But the real estate market has changed dramatically in recent months thanks to a housing crisis in the United States triggered by loose lending practices that have led to a global financial crisis.
"A year ago anything would sell and now most agents are realizing, 'oh my goodness, I have a listing and it's not going to sell and I'm not going to make any money on it,"' said Reid.
Reid, who has been a Toronto-area realtor through a few housing cycles, said now is the worst time in a changing real estate market.
