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.

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