Sales all over the GTA have picked up in recent weeks, with many properties going for hundreds of thousands above asking. katiesteinfeld | areacode416 | realestate realestatenews Toronto GTA housingmarket
2:53 PM Mar 9, 2023
Sales all across the Greater Toronto Area have picked up in recent weeks, with dozens of homes once again selling over their asking price in just a matter of days. As was seen in the 2021 and 2022 run up, many of these properties are going for $100K-300K over asking. In fact, one standout property in particular, a four-bedroom, three-bathroomin Toronto’s exclusive Bridle Path neighbourhood, recently sold in just two days for a staggering $701K over asking.
“[The] big difference between this year and last is that listings aren’t under-pricing by as much,” Ingram said, noting that at this time last year, more than half of all 416 house sales were selling for at least 20% over asking. “That was largely due to agents setting ridiculously low prices, but also buyers overpaying based on comps and continually setting new price records.”
Both Steinfeld and Ingram note that a seller using the “under-list and hold offers” strategy isn’t necessarily going to garner an offer that’s worth significantly more than the value of the home, but what it does do is help make the selling process a bit more efficient.
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