What $1 million bought at the peak of the Toronto housing market — and what it will buy today

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Bidding wars are falling off and some properties are going for under asking. A look at the surprising deals beginning to appear.

This 500-599 square foot one bedroom is conveniently located in the heart of downtown. It went for $25,000 under asking, and well under $1 million, at $704,000 earlier this month. That’s less than the other Moss Park condo fetched in February, but that one was a little bigger. Although there have been price drops across the board of around 10 per cent since February, condos are in general “holding up better,” said Harrild. They vary a lot by neighbourhood and even building by building.

“Some of your most desirable condos, loft buildings in the city, will always be in demand. If there was a listing that came up in the Candy Factory Lofts, well, there’s effectively a lineup to get into that building. If your listing is more generic, that’s where prices are softening,” he said. “If you’re one of a dozen condos on the market, just like yours at the same time, well, how do you separate yourself from your competition? You’ve got to reduce your price, that’s how you do it.” In general, fewer listings were going for under asking in the winter, but some are still going for over asking now, such as units in desirable condo buildings.This little Portugal two-bedroom two-bath, for example, went for $760,000 —about $35,000 over asking.

Condos have been less impacted by the price drops, said Mamourian, because they still have rental potential, given high rents.A lot depends on what happens with interest rates and inflation, said Harrild. But both condos and homes are taking longer to sell now than they did in the winter. “If you were looking to buy earlier in the year, you would more than likely find yourself in a blind multiple offer bidding war, which is not a great place to be, and that’s not happening now, so that alone is a big change,” he said.Harrild added. “I think the next six to nine months will represent the best period that we’ve seen for buyers in a long time, in terms of getting a foot in the market.

 

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Paid article? No thank you ! Cheap

Now compare the cost of ownership with an 80% mortgage. See what a “deal” it is

people trying to take advantage of buyers and sellers trying to pay off their new homes. that is it. they forget the Mike Harris Property taxes. what it will buy today

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