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Unique Toronto Homes

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Condos in Toronto

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Toronto Real Estate

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Tag Archives: buy houses

Toronto home buyers shake off February blahs with a good ‘ole bidding war

Carolyn Ireland – The Globe and Mail

A real estate agent thought that the Toronto real estate market was fairly subdued in the opening days of February.

He worked with two sets of clients who were able to buy houses in High Park and Little India respectively after fending off only a couple of other bidders.

Then he heard about 75 Wilson Park Road.

“Forget what I said about people being measured in the new year,” he laughed.

The renovated Parkdale semi had an asking price of $869,000 and an offer deadline set for Monday night. After eight parties came to the table, the sellers accepted $1,150,000.

Comment: My friends live next door, they were simply blown away by that.

75 Wilson Park Road
“I’m still reeling from that one,” said the listing agent on Tuesday afternoon. She says the house has a nice open-floor plan, four decent-sized bedrooms and offers a huge yard of 24 by 148 feet, “it’s very much a family house.”

She figured that offer night would likely see some spirited bidding after she booked 60 appointments in a six-day listing period.

She held two open houses on the weekend and saw a steady stream of people both days, even with a snowstorm on Sunday. She also had the impression that most of the people coming through were serious potential buyers and not just curious neighbours.

She thinks the sellers were fortunate with their timing. There were no comparable houses around.

Comment: That is the problem these days, there are NO houses around. So anything that comes up, it is the only one, and thus draws a ton of attention. And when it is the only one, everyone goes after it.

“In February, while the weather can affect people, there’s never anything to sell. Nothing came out that was our direct competition.”

The property still had some remnants of rooming house when the current owners bought it a few years ago. They’d done lots of improvements but made a sudden decision just before Christmas to move out of Toronto to be closer to family.

“Some people think so much about real estate they end up doing nothing,” she says. “These people are doers.”

High Park Semi
Another set of clients who paid $847,000 for a two-storey semi north of High Park. The house, listed at $799,000, had two other offers.

In the east end, another client outbid competitors with an offer of $802,000 for a house with an asking price of $699,000. The detached house is in excellent condition and nicely fixed-up, he says.

In both cases he feels satisfied that the clients paid a reasonable amount, “If you get a fair deal you should feel pretty good.”

He says the market in Toronto seemed to go to sleep in mid-November but he’s been getting steady calls from buyers and sellers in recent days. He has one condo listed for sale in Roncesvalles Village and another coming in a few days. He also has a couple of homeowners currently getting their houses ready for sale in six weeks or so.

Comment: I have a handful of clients who would buy tomorrow if the right property came along. I just need the right listings!

He’s recommending to clients planning to sell that they aim for the first quarter of 2015 if they can. He points out that Target’s withdrawal from Canada is leading to the loss of more than 17,000 jobs and Mars Inc. is shutting down its Toronto Wrigley plant.

Comment: Really? I don’t most of those Target workers were looking to buy a house this spring… Not to be callous, but the Wrigley plant is only 400 jobs, that will not have much of an impact at all.

“From one week to the next you never know,” he says of the real estate market in the Greater Toronto Area.

He hasn’t heard clients talking about the softness in the Calgary real estate market but he cautions that a downturn there could eventually undermine confidence in Toronto.

Comment: No, it couldn’t. Most people only realize that gas is cheaper, they don’t know why. Or care. Or even know that it is having an effect outside of their gas tank. Oil has gone through all sorts of cycles, most recently plunging dramatically in 2009 – with no real measurable or lasting effect on Toronto real estate prices. Or even Canadian real estate prices as a whole.

At Toronto-Dominion Bank, senior economist Randall Bartlett said in a report he expects last month’s interest rate cut by the Bank of Canada will likely keep the country’s housing market buoyant. In his view another cut by the central bank is imminent, “thereby adding additional fuel to an otherwise hot market.”

Comment: The market would have stayed buoyant without that rate cut.

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

Laurin Jeffrey is a Toronto real estate agent 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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