Fall has brought more buyers and a quicker tempo to sales, after an August in which GTA sales were their lowest for that month since 2000 but listings at their highest level since May, 2010
90 McRea Drive in Leaside, Toronto. The three-bedroom detached house was listed with an asking price of $1.599-million and sold for the full asking price after two days on the market.Buyers are treading carefully back into Toronto’s real estate market in September after the summer market turned to sludge.But he does feel encouraged so far this fall to see buyers circulating and a quicker tempo to sales.
Mr. Rocca listed one property in the week after Labour Day with this tactic and expected multiple offers.The outcome was surprising because showings were brisk, he says, but it seemed all the more baffling when, the following week, Mr. Rocca listed five properties and four of them sold within days. Mr. Rocca adds that buyers figure they hold the power so they are negotiating aggressively – even when a property is newly launched.Above the $2-million level, the pace has picked up slightly but sales are still touch-and-go in Leaside. In the tranche above $3-million, deals are questionable.
Another closely watched factor in this fall’s market is the federal government’s recent announcement that mortgage insurance will soon be available for buyers purchasing properties valued between $1-million and $1.5-million.Currently, buyers are required to take out mortgage insurance if their down payment is less than 20 per cent of the purchase price of the home. The insurance is only available for homes selling below $1-million.
The latest cut by the Bank of Canada – which brought the central bank’s trend-setting rate to 4.25 per cent – resulted in a slight uptick in inquiries in September.
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