Sellers who set a deadline for reviewing offers may spur intense competition or they may end up without bids.
Mr. Pasalis says the central bank’s small hike in June has less impact after a string of increases, but he senses a psychological shift amongst buyers.At the beginning of the year, buyers were rushing to get into the market before prices climbed. Then they saw the average price begin to edge up, and they figured the rise would accelerate if the Bank of Canada decreased rates later in the year.Meanwhile, the average GTA price has risen about $150,000 so far this year.
Elise Stern, broker with Harvey Kalles Real Estate Ltd., has noticed a slight blip in the market in June as buyers seem less attentive, but she puts that down more to a seasonal summer shift than the Bank of Canada’s move.She notes that the past couple of months have seen intense action in the market, which is often followed by a pause as buyers pause to refresh.Ms.
In one case, a homeowner is a designer who is offering to provide a consultation to the buyers of her semi-detached house with an asking price of $1.334-million.