Ask any recent Toronto homebuyer about their real estate experience and you’re bound to hear about a bully offer, bidding war, or a price paid well over asking for their dream home.
It’s the same story for plenty of buyers here in the city. Whether it’s their first time purchasing or they have been in the real estate game for years, they are usually taken aback by the reality of this competitive market. The influx of real estate sales that we are used to seeing in the spring and fall has become a steady flow throughout the entire year. So why is it happening?
Toronto has a lot of beautiful real estate, from modern condos to traditional detached homes–there is just not enough of it. It’s a case of supply and demand, where the demand for a home in Toronto is far greater than what is currently available. Buyers are flocking to Toronto from across the country and abroad to purchase both primary homes and investment properties, broadening the competition even further.
Those High List to Sale Prices
You have probably seen homes that sell for $100-200K over the list price. When a house does go on sale–especially a detached home in a sought-after neighbourhood–buyers have to act fast and put in a solid offer to beat out the competing buyers. This is why you will see homes that go for well over asking–the tough competition has taught buyers that when they see a home they like, they have to do what they can to get it.
How to Navigate The Market
If you are a seller in Toronto, then this hot market is in your favour. With so many people lined up to purchase a home here – sometimes literally – sellers can list their home and easily see multiple offers. As a buyer, it’s not that easy. If you’re looking to buy a home here and need some guidance, let’s get in touch. I will walk you through this tough market so that you get the home, and the price, you’re looking for.