Buyers lamenting a shortage of inventory in the Toronto-area real estate market will have a rush of fresh listings to sort through this month.
In an uncertain market, Rochelle DeClute, broker with DeClute Union Realty, is seeing an increasing number of home and condo owners decide to sell their existing property before they buy a new one. That’s a shift in the trend of recent years.The Beaches neighbourhood, where Ms. DeClute does much of her business, saw a stronger August than last year. In that area, 38 properties changed hands last month compared with 26 sales in August, 2022.
They accepted and both sides were very satisfied with the final price of $2.65-million, Ms. DeClute says.Ms. DeClute says the current environment remains a sellers’ market but she is also seeing an increase in motivated sellers. Legal text known as a “flexible closing clause” is making a return, she says, as buyers ask for the option to extend or advance the closing date by a specified amount of time.
In the core, houses in neighbourhoods such as the Junction and Leslieville were still drawing multiple offers in the quieter summer months, Ms. McCann says, but she has noticed a drop-off in activity in areas north of Highway 401.
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