For home hunters it’s been two years of soaring prices, bidding wars and bully offers amidst a pandemic-induced low-interest-rate buying frenzy.
But a month’s change isn’t a trend, said Alexander. The February jump followed an all-time low in January.With interest rates beginning to rise, Alexander thinks some homeowners will finally make the leap to list. Royal LePage real estate broker Cailey Heaps of the Heaps Estrin Team says buyer fatigue is real. But it doesn’t mean every frustrated homebuyer, desperate to stop losing on offer night, will press pause on their search.Heaps sold two homes on March 7, the day before she spoke to the Star. One sold for $1.2 million above the asking price. The second went for $800,000 over the list price.
For one thing, she said, prices in 905 areas have risen so fast and so high, the value proposition isn’t what it was pre-pandemic. “Any neighbourhood that has those feature is a sure bet in the Toronto real estate market,” she said.Last sold in 2020 for $817,000 Alexander agrees that Toronto will continue to be attractive but, he says, the suburbs offer their own draws — “Bigger yards, the side-by-side driveway where you don’t have to juggle your cars. You actually have a driveway. All those things are really valuable to a lot of people.”Last sold in 2012 for $236,000
Townhouses sold for $1.12 million on average in the Toronto region in February, compared to $822,090 for a condo, according to TRREB.
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