The Greater Toronto Area is facing an "unprecedented increase" in the number of expired condo listings, indicating that the housing market in the area continues to slow down, experts say.

Strata, a Toronto-based real estate platform, released a report this month stating that canceled listings across the GTA have risen by 643 percent since the beginning of the year.

Homeowners may cancel the listing if they no longer wish to sell or if the contracts between sellers and listing agents expire before an offer is accepted.

The number of expired listings jumped from 380 in January to 2822 in June, representing a 643 percent increase over the last six months.

Alex Hood, a real estate broker at Strata.ca, said: "Rising inflation and interest rates make buyers feel uncertain about the market’s trajectory, making them more cautious with their offers."

He added that expirations are increasing at a time when there was nearly three times the total condo inventory since the beginning of 2022.

Hood said he believes the number of expired listings will diminish as seller expectations start to "align with current market realities."

Anna Wong, a real estate agent at Strata, said most sellers who canceled their listings are waiting for a better time to relist, or have "wisely" decided to rent out their properties instead.

Contrary to the GTA’s oversupplied sales market, real estate experts say condo rental inventories have dropped by nearly 60 percent from January levels.

Real estate agent Nate Legari said: "After the winter hibernation, rental markets are returning with multiple offers.