In: Real Estate News26 Sep 2011
Unlike Canada’s other “hot” real estate markets, Toronto real estate market remains enticing to buyers, because prices have remained within their reach, and a steady stream of new listings have given them a wide array of styles and sizes from which to choose. Steadily increasing prices have encouraged previously patient sellers to bring their Toronto real estate to the market, and many of the most desirable properties are selling for more than the original asking prices as eager buyers get into bidding wars. Not surprisingly, Toronto real estate agents see by far the greatest demand among buyers in search of single family homes priced between $750,000 and $1 million; and the few of those precious properties that come onto the market typically receive multiple offers within the first twenty-four hours of listing.
Typically, after slumping during the lazy days of summer, sales pick-up in the early autumn as ready buyers seek to close deals and complete their moves before the holidays. This year, although statistics indicate plenty of well-qualified buyers are browsing, the usual after Labour Day surge has disappointed agents and analysts alike. Still, September sales figures encouraged would-be sellers, showing a 24% increase year-over-year, and prices rose over 10% by comparison with the same period a year ago. Adrienne Warren, respected economist at the Bank of Nova Scotia, maintains summer price gains ought to encourage would-be sellers to list their properties, and she says, “sellers definitely had the upper hand in Toronto’s real estate market [all summer] as listings remained tight.” She cautions, however, “Affordability is certainly an issue here in Toronto.”
Even with their financing in-hand, buyers are sending signals their confidence is diminishing. Many have expressed concern about rising unemployment during August and September, and even more express grave doubts about the stability of the European economy as Greece teeters on the brink of default and Germany posts surprising declines in leading economic indicators.
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