December 21, 2021
PRICES STILL ON THE RISE!
Hoping that you all have been keeping safe and healthy. Also hoping that Covid-19 remains under control during the winter months.
The residential real estate prices in the GTA seem to be going up like a fast-moving train without brakes. So much so, that the word “Bubble” has started being used more frequently of late. The City of Toronto has the second highest extreme bubble risk in the world according to the 2021 Real Estate Bubble index by UBS.
In Don Mills most homes asking the price of $2,200,000 and more, are receiving multiple offers and selling within a week. Sometimes even sooner, due to preemptive offers – meaning offers that are very hard to refuse, received prior to the date set to entertain them.
From the looks of things, it seems like the trend is going to continue into the next year. The big question is, for how much longer; and will the policies the government implements to slow the market down, put the brakes on hard enough to make a dent?
By the way, I am proud to announce that, about 3 weeks ago, Ecko Jay Realty broke the ceiling of $3,000,000 in the Lawrence/Underhill/Brookbanks neighbourhood. Ecko Jay Realty sold 32 Wallingford Rd for $3,400,000 and 15 Lichen Pl for $3,180,000, two of the highest prices ever obtained in that neighbourhood. This paves the way for homes in that neighbourhood to get even better prices now. Great news for sellers but definitely not for buyers.
Needless to say, in this market, for most people, it is better to buy first and then sell, but they must have their houses prepared and ready to sell right after buying, in case there is a sudden change in the market. The last thing I like to see is people getting stuck with two homes or without a home. Therefore synchronizing, experience and expertise is extremely crucial at this time.
If you are considering selling soon, or perhaps in the not-too-distant future, do call me for a confidential chat, regarding how much your house is worth in today’s market, as well as to learn what to do (and not to do!) before listing your house.
Broker of Record / Owner