The market

The market: Bidding Wars. Multiple Offers. Housing Bubble. Overheated Housing Market. This, in a nutshell, sums up what we have been reading and hearing about the Toronto real estate market in the past few months. 

• Today’s market is very strong but highly selective. There seem to be a very clear division: high demand, well conditioned homes still attract multiple offers and are selling quickly, at full prices and above.
• Others, that are not prime in terms of location or condition, or houses needing work are meeting with some resistance and are dragging a bit, taking longer to sell and not attracting a bidding war. 
• Since money is so cheap today, the majority prefer to finance a larger amount than take on a renovation project.

Many sellers feel that if their home does not sell within days, there must be something wrong.But not every property sells overnight, with multiple bids and over the asking price. 

There are still lots of buyers and lots of sellers out there. We are merely heading towards a more balanced market, which in the end, is much better for everyone.

Tagged as: Real Estate, Riverdale, Toronto Real Estate