Cancelled listings, turning homes into rentals more common as housing market cools

As Canadian home sales continue to fall, some sellers are being forced to make tough decisions.

But by July, she was pulling the property off the market -- and not because she'd found a seller.

Tebb terminated the listing because the market shifted so significantly that the bidding wars and frenzied pace of sales seen earlier this year had dissipated.

Last month, the Canadian Real Estate Association (CREA) reported June home sales amounted to 48,176, a 24 per cent drop from 63,280 during the same month last year. On a seasonally adjusted basis, sales were down almost six per cent from May.