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The back alley behind real estate. Enjoy tips, tricks, and insights into buying, selling, and investing in real estate in Toronto.

It Seems Like Everyone Wants the Same Property (In Toronto)

As we round about the end of the year, the numbers in our Market Handbook break the market down into averages, medians, trends, charts, and analytics.  But it doesn’t tell the story of the house in Riverdale that received 10 Offers last week.  Or the Bully Offer that our client wanted to submit on a Kingsway West Toronto home that the Sellers abruptly declined, opting to wait for their bid date. Or the Sunnylea home that received 14 Offers on their bid night.  You would think that the above stories are the exception.  And they are the exception.

Inventory is up.  Buyers have choices.  Sellers are listing.  This is the balance many of us have been waiting for.  So why does the activity in Toronto seem so unbalanced?  Either the home is sitting there for 30-60-90 days with little showings, price reductions, and re-listings.  Or the home is selling in competing multiple Offers on their bid night for above ‘the asking price.’  Such a dichotomy where the latter is the exception.  More properties are sitting there rather than selling.

We speculate the reason for the above is that most Buyers are conservative at the moment.  Slightly skeptical, perhaps.  And amidst uncertainty, they are watching and waiting patiently without the urgency to move.  But if the right property comes up, buyers move on it.  And they are moving fast.  Which perhaps indicates that demand for specific homes is still alive and well.  And although Open Houses have slowed overall, and Buyers have mostly put their searches on hold until the spring, they are still watching the market.  And ready to move should the opportunity arise.

We believe we are in the market of opportunity, whether it be for the right property or the right price.  I remember learning early on in Real Estate that opportunity presents itself when you are willing to do the opposite of the masses.  While many have the luxury of holding on, there are life circumstances that are still presenting themselves, such as a growing family, relocations, a new baby, a new job, and the list goes on.  Therefore despite what the market does, their lifestyle takes priority.  And those Buyers are still out there.  And looking.

Let's see what December brings.

Stay tuned,

Cari and Paul