The real estate market across the country has continued to cool, and the Bank of Canada’s 1-per-cent rate hike in July will weigh it down even more
The Toronto-area real estate market remains in stasis this summer as buyers chase more frivolous distractions and sellers sit and wait. But at times, there are bursts of frenetic activity.
The two-bedroom unit at the Chocolate Company Lofts across from Trinity Bellwoods Park was listed with offers welcome anytime. Ms. Taylor’s clients offered slightly below the asking price around the $1,050,000 mark, but they were outbid. The unit sold for $1,180,000.Ms. Taylor says the sale is a useful barometer for the current market: coveted properties are selling but buyers are hesitant to jump into a competition.
That property, listed just above $800,000, drew two offers and sold for the full asking price, she says. In other words, the home or condo must be priced to today’s market conditions and also have attributes like a good location, high-quality finishes and polished presentation.In February, the market in the Greater Toronto Area had less than one month of inventory . At the end of July that figure stood at 2.5 months.Mr.
The agents say the sellers facing hardship will be more motivated to sell and will therefore set realistic prices.
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