More and more people are walking away from real estate deals because they can’t sell their own homes.

Hundreds of people had listed their homes in the spring, which helped to cool the hot market. Now some people who bought back then are walking away from deals.

“We were taking $25,000 and $50,000 deposits and we still had people walk away on those,” says Peggy Hill, broker.

The main issues, according to real estate experts, are that people bought a new home before selling their old one. When they don’t get the sale price they are hoping for it leaves them unable to afford the new one.

Banks are also approving buyers for smaller loans.

“Regardless of whether you had your financials in order, if the bank reappraises and now that property is worth $100,000 less, you have to come up with a larger deposit,” says Hill.

Getting out of a deal can be messy.

“Buyers have to realize it's not a get out of jail free card. You just can't walk away from these.”

One local lawyer tells CTV News he has at least 15 clients dealing with problems in closing their deals.

There is a silver lining for people who are just now thinking about buying. There are a lot of listings to choose from.

Hill says in March her brokerage had 50 listings to choose from. This month, she has 650.