Are Multiple Offers in the Toronto Real Estate Market Here Again?
You bet they are
This week I put in an offer on a home in the St. Clair/Dufferin area. The home was listed for $ 629,000. My client put his best foot forward and came in at $ 640k with no conditions and met the sellers closing date. Great offer. They lost it to someone else who bought the house for $ 685k.
Mind boggling, isn’t it?
The size of the house was around 1000 sq. ft. and it was a bungalow. The basement was finished and the house was renovated.
About 2 weeks before, a comparable house in the same area sold for $ 630k
It seems that every house that is renovated and looks great in the Toronto Real Estate market are holding back from receiving offers for a week and trying to get to get a bidding war. Now that the Bank of Canada just dropped their lending rate, it makes you wonder if the house prices will ever stop increasing.
Remember the movie The Field of Dreams, Iowa farmer Ray Kinsella hears a voice in his corn field tell him, “If you build it, he will come.” He interprets this message as an instruction to build a baseball field …….., one of the actors said, if you build they will come. How about, “if you list it, they will buy it for lots of money”.
The only people that benefit when houses go up the way they do are investors or people that are downsizing. It’s kind of a no-brainer, that if you are going to down size and buy a condo, now is the time.
Considering that the population growth of Ontario is suppose to increase to 17.4 million by 2036, it makes you wonder where the prices are going.
Since it seems that everyone wants a house that is completely modern high end, maybe you should consider a home that needs a little work, I bet there won’t be too many bidding wars.