Buyers who submit offers with conditions have no chance, says one realtor
A digital real estate platform says competition for single family homes in the GTA has begun to simmer as the share of neighbourhoods in 'overbidding' territory increased last month for the first time since March.Sales of freehold houses have gained some traction in the Toronto-area real estate market so far this fall as buyers seem more willing to take on rival bidders.That tactic all but disappeared in the spring and summer as buyers recoiled from the notion of a bidding war.
In one instance, an older house on a 50-foot lot on Sunnylea Avenue East in Etobicoke was listed with an asking price of $1.8-million and offers any time.“Overnight it sold over asking,” says Mr. Singh, adding that the buyer paid $1.908-million.The market has been changing almost week-by-week, says Mr. Singh, who frequently drills into the sales data.
In the Annex, for example, a three-storey house in need of updating drew 22 offers and sold for $1.8-million after it was listed with an asking price of $1.299-million.He urges clients to line up home inspections before the offer date and make sure their financing is in order.
Sales of condo apartments, meanwhile, edged up 2.2 per cent in the core 416 area code and dipped two per cent in the 905 in September compared with September, 2023. The sales-to-new listings ratio fell to nearly a four-year low, which in turn may signal falling house prices, she adds. Under the federal government’s plan, mortgage insurance will soon be available for buyers purchasing properties valued between $1-million and $1.5-million.
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