But April Williams, a broker with The Agency, expects to see a burst of new listings come online at the end of March.
Realosophy brokerage president John Pasalis thinks the “spring” market may already be cooling.
Though the property was listed at $1.099 million, the seller had higher expectations and rejected all the initial offers, broker Bhanu Siwakoti told the Star.
Even before publishing his report, Pasalis had been reporting signs of “buyer fatigue,” after an exceptionally competitive fall and winter saw huge demand among homebuyers in hot pursuit of a diminished number of listings.
Royal LePage real estate broker Cailey Heaps of the Heaps Estrin Team says buyer fatigue is real.
Located near Trinity Bellwoods Park, steps away from the Ossington Strip, the property was formerly owned by another real estate agent who sold it when her family with two young children outgrew the house.
When it comes to home prices, suburban sellers have had the edge since the first pandemic lockdown ended.
Now that masks are coming off and offices are reopening, Heaps says it’s not clear whether that momentum will be sustained.
But I recognize that if I want to be considered for that next promotion, I’ve got to have face time in the office,’” said Heaps.
Twenty years ago, there were a few especially desirable neighbourhoods in the city.
By March 8, the seller, who was moving out of province, received three bully offers — pre-emptive offers that expire before the designated offer date.
Alexander agrees that Toronto will continue to be attractive but, he says, the suburbs offer their own draws — “Bigger yards, the side-by-side driveway where you don’t have to juggle your cars.
This condo townhouse, in the heart of a burgeoning community filled with young families moving out of the GTA, sold for more than three times what it did in 2012.
The Toronto Regional Real Estate Board reported the tightest condo market in 20 years in the final quarter of 2021.
Just as suburban single-family homes escalated faster than city houses, suburban condo prices have outpaced units in the core.
As home prices rise, Heaps agrees many first-time buyers will be forced to look at condos rather than single-family homes.
But when they saw this alternative, which came with a small backyard, parking on the same level and no maintenance fees, they put in a competitive bully offer the third day it was on the market.
Ipsos polling for the Toronto real estate board found that, despite the higher cost, most people planning to buy a house this year want a detached home in the suburbs.
Pasalis noted that 88 per cent of single-family homes, a category that includes detached, semi-detached and townhouses, sold for more than the asking price in February.
A nearby property on the corner lot had recently sold for $1.25 million, and the owners expected to sell in the same ballpark, their realtor said.
A riverfront property on the Trent Lakes sold for nearly $1 million on March 7, just one year after it sold for $630,000.
“There’s always a lot of pent-up demand from the winter.
Although buyers don’t generally start looking at waterfront homes until April, based on the lack of supply and the demand, de Graaf expects prices will climb 10 per cent this year.
“There’s a lot of cash buyers here taking equity out of their home, which has increased hugely in value in the city so they don’t necessarily have to apply for a new mortgage,” he said.
The 3,000-square-foot Danforth-area detached home was built less than two years ago and had an 800-square-foot basement with two bedrooms and another two bedrooms in a 750-square-foot laneway house, both leased for a combined $4,600 per month.
Sales of single-family homes in the $4-million-plus category were up 53 per cent year-over-year by the end of February, she said, and there’s no sign that will slow this spring.
Younger buyers with $4 million-plus to spend are also looking at different neighbourhoods, than their parents, said O’Neill.
The hottest features for luxury house and condo buyers: technology — the more wireless capacity the better, plus charging stations for electric vehicles.