With low inventories in Toronto, buyers are forced to compete for the most coveted properties, which means the return of bidding wars, offer dates and properties selling over asking price
Toronto-area real estate buyers have been enticed into the market by lower prices for properties that range from downtown condo units to large suburban houses.
Mr. Rocca says some of the current buyers are in the market for the first time, while others are moving up to a larger house or more highly-rated school district. Sales in February tumbled 47.3 per cent from February, 2022. That’s the weakest showing for that period of the year since the financial crisis of 2008-2009, the economist points out.
Mr. Rocca recently listed a detached, three-bedroom house at 67 Glenvale Blvd. in Leaside with an asking price of $1.869-million. After 24 hours on the market, the property had drawn three offers and the house sold for $1,920,100. “It’s not right across the board,” Mr. Rocca says. “Stuff is selling – not everything is going over asking for sure.”
Mr. Kutyan’s clients submitted their $2.55-million bid at 5 p.m. and the agent notified interested agents that an offer was registered.“The shocking thing was to get seven bully offers up front.”Mr. Kutyan believes the sellers would have fetched more in the first quarter of last year. The average price in the area near Bayview and York Mills Avenue had dropped 12.2 per cent in January from the same month last year.Mr.
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