It’s a peculiar state where aspiring buyers are holding off for lower borrowing costs or a better deal at the bargaining table at the same time they fear rival buyers may not show the same restraint.
Seeing the pent-up demand from buyers in the area, Mr. Kutyan recently listed a three-bedroom house at 351 Deloraine Ave. with an asking price of $2.499-million. Andre Kutyan, broker with Harvey Kalles Real Estate Ltd. recently listed a house at 351 Deloraine Ave., after seeing demand in the local area ramp up.After a series of reductions, the sellers agreed on Sept. 30 to an asking price of $2.749-million. The three-storey house sold on Oct. 11 for $2.707-million.Mr. Kutyan crunched some numbers in midtown Toronto which show sales of detached homes in the first half of November were in line with the number of transactions in the first half of October.
Still, many aspiring sellers who have been holding off listing see October’s pick-up in sales from September as a signal to list. Bradley Saunders, North America economist at Capital Economics, is now forecasting that Bank of Canada policy makers will cut interest rates by 25 basis points at their December meeting rather than 50 basis points.