April 7, 2021
Since our last issue of Eckonomics, Toronto real estate prices have gone up even more. Multiple offers are very prevalent in Toronto, mostly for houses priced less than 2.5 million. It has become totally a sellers’ market; and from the looks of things, this frenzy is going to continue and sadly many buyers are going to continue having a tough time winning bidding wars on Toronto real estate.
In Don Mills it is not uncommon to see houses selling for anywhere from $50,000 to $600,000 over asking. One of our Don Mills real estate listings asking $1,688,800 recently sold for $2,305,000 with 22 offers (in the beginning of March)!
Presently, selling Toronto real estate is easy and buying can be difficult. The extent of this difficulty depends on what you’re buying and where. Therefore, in this climate, buying first and selling after would not be a bad move. While you are looking for a house to buy, have your house totally ready to go on the market as soon as you have bought so that you buy and sell in the same market, in case the Toronto real estate market suddenly changes.
Don’t forget that these are unpredictable, unprecedented times and anything could happen anytime. You don’t ever want to be stuck with two homes or no home at all.
As always, please feel free to call me anytime for a confidential and no-obligation chat. You will be glad you did.
Broker of Record / Owner
Ecko Jay Realty Ltd
firstname.lastname@example.org | www.eckojay.com