Sold Over Asking! Recent Toronto Market Activity
I am seeing a significant up-tick in the Toronto resale market - here's a prime example: we recently listed a detached house in Toronto for sale. We priced it at what we thought was fair market value given the current conditions, and we did not hold back offers. It sold over asking in multiple offers, in just 2 days on the market for over $100k more than it would have just a few months ago.
I am seeing this, and confirmed by other agents at my brokerage, that this increased activity is no longer contained to just houses with "wow factor" but now even on reno and gut jobs where people wouldn't have touched these with a 10-foot pole 6 months ago.
Does this mean we're going to see 10% or 20% price jump in Toronto in the next 6 months - absolutely not! But Sales and Listings are gradually improving and I think the worst is now over.
My RE/MAX Brokerage in Toronto has also noticed an acceleration of activity from February to March which is very encouraging.
Daily showings (on our listings) were up 35%
Sales and Leases are increasing and becoming more regular
Active listings are up over 100+ from our low but more listings are needed
People are adjusting to the new interest rates and are tired of waiting to buy. It will be interesting to see if this holds up, especially through the traditionally active spring market.
If you're looking to buy or sell in Toronto, now is the time to get a mortgage preapproval and get out there looking.
Get in touch if you need help in your housing search.