Toronto’s frothy housing market seeing ‘bonkers’ price activity

Cole Burston/The Globe and Mail

In June, the Toronto Regional Real Estate Board reported that the average price in the Greater Toronto Area sailed to a record high of $930,869. That milestone marks an 11.9-per-cent jump from June, 2019, and surpasses February’s average selling price of $910,290. Mr. Macdonald worked with one young couple who were looking for a single-family home with a budget topping out at $1-million. Mr. Macdonald says the segment is ultra-competitive right now.The listing agents for most houses in that price range in Toronto set an offer date as a strategy for encouraging buyers to compete. They set an eye-catching asking price, then hope that bidders will pay a hefty premium.

Mr. Macdonald fears the frothiness comes in part from policy measures designed to bolster Canada’s economy during the pandemic.Story continues below advertisement Clients can decide for themselves if they’re comfortable, he says, adding that a long time horizon helps to mitigate risk.Broker Elise Kalles of Harvey Kalles Real Estate Ltd. says scarce inventory in the upper echelons of the market is also thwarting prospective buyers who think they will land a bargain in neighbourhoods such as Forest Hill and Rosedale.

Toronto smells like poop.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

This Toronto house just hit the market for $1 millionIf there was any hope that a global pandemic would help slow down Toronto's booming housing market this new listing proves that’s not the case. But it's in Toronto so.......no thanks. You can keep all the guns, drugs, shooting, poverty, and all the diversity and inclusiveness that causes it to yourselves. Toronto is trash wHy AreN't MilLenNiaLs bUYiNg HoMeS?
Source: CTVNews - 🏆 1. / 99 Read more »

Tight market for student housing at UVic to ease with 800 homes, Horgan saysThe B.C. Premier says the construction is part of a government commitment to produce 5,000 student homes over the next six years in locations from Vancouver and Burnaby to Kamloops and the Okanagan GlobeBC Not 800 “ homes” but 800 beds. Fake news or fake headline. Sad.
Source: globeandmail - 🏆 5. / 92 Read more »

'Frothiness of this market has been worrisome': Tesla's market ride reflects larger forces at workCarmaker shares lose momentum despite strong results as skittish investors switch gears
Source: nationalpost - 🏆 10. / 80 Read more »