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Bank of Canada pause soothes the real estate market

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As tales of bidding contests for houses became common, some downsizers felt more confident that they could sell their family home in a market with high demand, then purchase a condo while prices in that segment remained soft

March has brought renewed life to the Toronto-area condo market on the heels of a flurry of single-family home sales earlier in the year.

In the condo market, units with asking prices above the $1.5-million mark are seeing more action after a lengthy stall.Mr. Bibby says the sudden turn appears to be partly a delayed spillover from the rebound that began in late December in the freehold segment. Nationally, housing sales in February slid 3.1 per cent from January on a seasonally adjusted basis, according to the Canadian Real Estate Association.CREA’s Composite MLS Home Price Index shows prices were flat in February in Canada compared with the previous month. That levelling off follows a string of decreases that began last fall.

Mr. Bibby set an asking price of $1.695-million for the unit on the 41st floor. After 25 days on the market, the unit sold to a retired couple for $1.646-million.“The buyers aren’t going to come in and pay list price,” he says. “I think people are being very methodical and calculated.”

 

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