Two weeks after Labour Day, and the Toronto market has been its typical, irrepressible self! Average prices are up as predicted, and home buyers are out in full force.
The chart tells a simple story. Across the GTA, house buyers are competing for properties. Overall, about half of the houses reported sold in the last seven days went over asking. In the central core neighbourhoods, our sample showed a remarkable 71% of sales where the buyers paid over the asking price.
Bidding wars spread
Toronto’s inner suburbs have been experiencing strong price growth for several years, and increased interest from multiple buyers. And most of the 905 area has felt an increase of “downtown-style” bidding wars this year. Figures from Vaughan and Richmond Hill above show that 48% of houses sold last week went over asking.
Based on comments from many agents, both at Sage and other brokerages, there were anywhere from three to ten bids on a large number of houses this month. Even some condos were receiving multiple offers. Meanwhile, a few listings were ignored by buyers, including well-priced houses where buyers may have simply assumed that the final price would be too high.
The right time to sell
There will continue to be a shortage of listings this fall. Do you know someone who may be ready to sell their home? Do them a favour and put us in touch. With our expert marketing, that home will get sold quickly and for the highest price! You can email us, or call James and Joanne at 416-483-8000.