I am sure many of you have been hearing nothing but doom and gloom about the impending crash in the Toronto Real Estate Market. From my point of view, these rumours are highly exaggerated.
Yesterday, I was showing a client a townhouse in the north part of the city. There was no offer date and there didn't seem to be any sense of urgency that the property would sell immediately. I called the listing agent this morning and he told me that they received an offer last night and that it was sold! This property was on the market for 5 days!
Two weeks ago, I showed a cute house in Toronto's East End (Woodbine and Danforth) - a typical 3 bedroom semi-detached property - renovated kitchen, new flooring - it was quite nice - but not - well - nothing to write home to mother about! Oh yes, and it had NO parking! Just parking on the street in the middle of this brutal winter.
My analysis of the property and the neighbourhood suggested that at $400,000 that it was a fair price for the area. I recommended that a price higher than that would be foolish for this neighbourhood.
In the end, the property sold for $60,000 over the asking price - CRAZY if you ask me for a home in this location. There were 4 offers.
So in the dead of winter - Toronto's Real Estate Market is still thriving. Imagine when the warm weather comes, all those buyers who have been hibernating will be coming out of the woodwork!!
From where I sit - its going to be a crazy spring market!!
Sam
www.AgentSam.ca
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