‘Mere mortal’ Toronto home sellers resist waiting for fall market

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Real Estate Notícia

Toronto Real Estate,Ontario Real Estate,Noastack

Owners strive to fight off competition in a market that favours buyers before autumn brings a rush of new supply, broker says

Pedestrians wait to board their bus next to a house listed for sale in Toronto’s west end on July 4.The Toronto-area real-estate market tipped more decisively into buyers’ territory in June, but that has not dissuaded some sellers from launching their property in July in order to get a jump on the fall market.

Ms. Morrison says that strategy may make sense in price ranges above $5-million because buyers with deep pockets often spend a stretch of the summer in Muskoka or Europe, for example. The active-listings-to-sales ratio shows that the market loosened further in June. Conditions are much looser than the historical average, he says, which suggests a market that favours buyers.

But the dynamics in various slices of the condo market also differ: Ms. Morrison points to a two-bedroom condo she is planning to list near Bayview Avenue and Eglinton Avenue East. The tenants are planning to move out, and Ms. Morrison is looking at ways to speed up preparations after that. She set an attention-grabbing asking price of $898,000 for the renovated home and an offer date one week later. But as the deadline approached, she was uneasy about how many buyers might step up.

 

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