Canadian Press

TORONTO — Re/Max says a shortage of detached houses on sale in Toronto last month has resulted in stiff competition among buyers and higher selling prices.

The real-estate sales organization found 46% of detached homes that sold between $400,000 and $1 million in June were sold above the listing price.

Comment: In other words, almost half of the detached houses in Toronto sold in bidding wars.

It also found that five of the 35 districts it studied had sales completed in less than three weeks on the market.

Re/Max says the average time on market for the Greater Toronto Area was 24 days in June but properties changed hands in as little as 13 days in hot districts.

Comment: Some neighbourhood haven’t seen a house on the market for a week in a long time.

The findings were part of an analysis of 35 Toronto Real Estate Board districts between January and June of this year.

Re/Max says the biggest price gains were outside the central core, which tends to have Toronto’s most expensive real-estate.

“While we have seen solid price appreciation virtually across the board in the single-detached housing category, the most pronounced gains were in affordably priced areas in the city,” says Gurinder Sandhu, executive vice-president for Re/Max Ontario-Atlantic Canada.

“In many of these areas, inventory played a role in hampering sales activity, placing further upward pressure on pricing.”

Comment: Which is why prices keep on rising. Condos may stay flat, or rise 1-2%, but freehold is gold, houses keep going up up up.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.
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